BOND SALE ANTICIPATED TO SAVE MTA $30 MILLION
The MTA Board today approved the sale of $270 million in Proposition A sales tax bonds which will provide funds to retire approximately $55 million in short-term notes the MTA sold last June.
The sale also will refinance some $200 million in bonds to take advantage of available lower interest rates. It is estimated that the refinancing will result in future savings of about $2.4 million per year and aggregate savings in current dollars of approximately $30 million.
The MTA again will use both an electronic bidding process and electronic dissemination of the official statement (prospectus for the bonds) via the Internet.
