Metropolitan Transportation Authority Bond and Notes Schedule Covering Fiscal Year 2009

Transcription

1 Metropolitan Transportation Authority Bond and Notes Schedule Covering Fiscal Year 2009 Submitted as part of the MTA 2010 Annual Report Pursuant to New York State Public Authorities Law Section 2800(1)(a)(4)

2 Metropolitan Transportation Authority Triborough Bridge and Tunnel Authority New York City Transit Authority DEBT REPORT REQUIRED BY SECTION 2800(1)(a)(4) (1) OF THE PUBLIC AUTHORITIES LAW Color Key to use of information: Information in blue represents new money debt incurred during Information in green represents refunded debt incurred during Information in violet represents debt that was defeased, but not redeemed, during Information in red represents debt that matured, or was fully or partially redeemed during Information in brown represents debt that was converted, but not redeemed, defeased or matured during In the case of swaps reassigned. (1) Public Authorities Law Section 2800(1)(a) provides, in relevant part, as follows: For the purpose of furnishing the state with systematic information regarding the status and the activities or public authorities, every state authority or commission shall submit within ninety days after the end of its fiscal year, a complete and detailed report or reports setting forth: (4) a schedule of its bonds and notes outstanding at the end of its fiscal year, together with a statement of the amounts redeemed and incurred during such fiscal year as part of a schedule of debt issuance that includes the date of issuance, term, amount, interest rate and means of repayment. Additionally the debt schedule shall also include all refinancings, calls, refundings, defeasements and interest rate exchange or other such agreements, and for any debt issued during the reporting year, the schedule shall also include a detailed list of costs of issuance for such debt

3 TABLE OF CONTENTS DEBT SERVICE...1 MTA DEDICATED TAX FUND BONDS...2 MTA TRANSPORTATION REVENUE BONDS...21 TBTA GENERAL REVENUE BONDS...51 TBTA SUBORDINATE REVENUE BONDS...70 MTA STATE SERVICE CONTRACT BONDS BROADWAY CERTIFICATES OF PARTICIPATION...82 INTEREST RATE EXCHANGE OR OTHER SUCH AGREEMENTS...86 COSTS OF ISSUANCE ii

4 DEBT SERVICE MTA, TBTA and NYCTA Debt Service (in millions) (1)(2) Year DTF 3 Transportation (3) TBTA General (3) TBTA Subordinate 2 Broadway Total 2009 (4) , , , , , , , , , , , , , , , , , , , , , , , , Total $9,428.3 $22,255.1 $11,845.9 $3,439.9 $ $47,544.0 (1) Totals may not add due to rounding. (2) This chart reflects debt service on the MTA Dedicated Tax Fund Bonds, MTA Transportation Revenue Bonds, TBTA General Revenue Bonds, TBTA Subordinate Revenue Bonds and 2 Broadway Certificates of Participation in a manner consistent with the MTA February 2010 Financial Plan. Debt Service on Transportation commercial paper is included in the Transportation debt service. This chart does not include debt service on the MTA State Service Contract Bonds which is paid by the State of New York and the forecasted new money borrowing. (3) Net of the Build America Bonds subsidy. (4) 2009 debt service is a final estimate from the February 2010 Financial Plan. 1

5 Part 1. Issues Covered by this Annual Report MTA DEDICATED TAX FUND BONDS Series Dated Date Par Issued Par Outstanding (as of December 31, 2009) Mode 2001A December 4, 2001 $ 554,105,000 $ 156,960,000 Fixed 2002A August 15, ,246,870,000 1,030,375,000 Fixed 2002B September 5, ,000, ,000,000 Synthetic Fixed 2004A March 10, ,000, ,115,000 Fixed 2004B March 10, ,000, ,000,000 Auction 2004C December 21, ,000,000 83,105,000 Fixed 2006A June 21, ,000, ,765,000 Fixed 2006B November 9, ,000, ,405,000 Fixed 2008A June 25, ,915, ,550,000 Synthetic Fixed 2008B August 7, ,175, ,120,000 Variable 2009A March 19, ,700, ,700,000 Fixed 2009B April 30, ,000, ,000,000 Fixed 2009C April 30, ,000, ,000,000 Fixed Total $6,083,765,000 $5,112,095,000 Part 2. Details of Each Issue of Bonds Means of Repayment Description of Pledged Revenues: The MTA receives money from certain dedicated taxes and fees which are deposited into MTA s Dedicated Tax Fund and are pledged revenues for the payment of its Dedicated Tax Fund Bonds. The Dedicated Tax Fund is funded by two trust funds: the Dedicated Mass Transportation Trust Fund (MTTF) and the Metropolitan Mass Transportation Operating Assistance Account (MMTOA). The revenues that are pledged to the MTTF account are the Dedicated Petroleum Business Tax, Petroleum Business Carrier Tax, the Motor Fuel Tax, and Motor Vehicle Fees. The revenues that are pledged to the MMTOA account are MMTOA Petroleum Business Tax, District Sales Tax, Franchise Taxes, and Temporary Franchise Surcharges. Uninsured Ratings Fitch Ratings... A+ Moody s Investors Services... NAF Standard and Poor s Ratings...AA 2

6 $554,105,000 Dedicated Tax Fund Bonds, Series 2001A Date of Issue: December 4, 2001 Credit Enhancement: All remaining Series 2001A Bonds are insured by Financial Guaranty Insurance Company. Principal Amortization November Maturity $ 2,000, % (Base 59259N) JJ ,755, HM ,395, JK ,310, HN ,420, JL ,195, HP ,165, JM ,615, HQ ,395, JN ,915, HR ,805, JP ,380, HS ,095, JQ ,495, HT ,780, JR ,815, HU ,300, JS ,915, HV ,090, JT , JU ,350, HX , JV ,580, JW4 The following maturities and principal amounts of the Series 2001A Bonds were advance refunded on March 24, 2005 at the redemption prices and the redemption dates listed below. Principal Amount to be Redeemed Maturity (Nov. 15) Date (Nov. 15) Price 2019 $ 18,345, % % HW ,355, HY ,980, JZ ,130, KA ,705, JX ,785, JY0 CUSIP Number (59259N) The following maturities and principal amounts of the MTA Dedicated Tax Fund Bonds, Series 2001A were defeased on September 20, 2007 at the principal amounts listed below. Maturity (November 15) Principal Amount Outstanding Principal Amount to be Defeased CUSIP Number (59259N) 2009 $ 9,645,000 $ 9,645, % HL0 3

7 $1,246,870,000 Dedicated Tax Fund Bonds, Series 2002A Date of Issue: August 15, 2002 Credit Enhancement: Some, but not all, of the maturities, as indicated below, are insured Assured Guaranty Municipal Corp. Uninsured Series 2002A Bonds Principal Amortization November 15 Maturity (Base 59259N) $167,370,000 Term Bond November 15, $86,520, ,850, % LZ4 $10,000,000 Serial Bond November 15, $10,000, % MC4 Insured Series 2002A Bonds Principal Amortization November Maturity $ 7,555, % (Base 59259N) KW ,375, KX ,980, KY ,850, KZ ,805, LA ,955, LB ,500, LT ,000, LC ,240, LD ,270, LE ,705, LF ,805, LG ,885, LH ,985, LJ ,145, LK , LL ,430, LM , LN ,725, LP ,590, LQ ,780, LR ,195, LS ,405, LU ,940, LV ,000, LW1 The following maturities and principal amounts of the MTA Dedicated Tax Fund Bonds, Series 2002A were defeased on September 20, 2007 at the principal amounts listed below. Maturity (November 15) Principal Amount Outstanding Principal Amount to be Defeased 2009 $22,810,000 $22,810, % KU ,725,000 11,725, KV4 CUSIP Number (59259N) 4

8 $1,246,870,000 Dedicated Tax Fund Bonds, Series 2002A, continued $70,250,000 Term Bond November 15, $24,670, ,580, % LX9 $115,410,000 Term Bond November 15, $ 33,010, ,400, % LY7 $231,575,000 Term Bond November 15, $ 95,415, ,160, % MA8 5

9 $440,000,000 Dedicated Tax Fund Variable Bonds, Series 2002B Date of Issue: September 5, 2002 Credit Enhancement: All Series 2002B Bonds are insured by Assured Guaranty Municipal Corp. Liquidity Facility: Standby Bond Purchase Agreement with Dexia Crédit Local Current Mode: Weekly (1) Principal Amortization Current Mode: Weekly November Maturity $40,900,000 (Base 59259N) ,700, ,600, ,600, ,600, ,700, ,900, ,300, (final maturity) 57,700,000 Variable (1) ML4 Average interest rate for Series 2002B was % from inception through December 31, Variable Bonds were swapped to a fixed rate. For more information, see page 86, " Exchange or Other Such Agreements." 6

10 $250,000,000 Dedicated Tax Fund Bonds, Series 2004A Date of Issue: March 10, 2004 Credit Enhancement: Certain maturities, as indicated below, are insured by MBIA Insurance Corporation or Financial Guaranty Insurance Company. Principal Amortization November 15 Maturity (Base 59259N) MBIA Insured Serial Bonds 2009 $ 9,370, % ND ,315, NE ,445, NF ,765, NG ,855, NH ,055, NJ ,505, NK ,190, NL ,255, NM ,190, NN9 FGIC Insured Serial Bonds 2014 $ 5,955, % NP ,375, NQ ,230, NR ,295, NS ,410, NT ,590, NU3 7

11 $500,000,000 Dedicated Tax Fund Variable Bonds, Series 2004B $100,000,000 Subseries 2004B-1 $100,000,000 Subseries 2004B-2 $100,000,000 Subseries 2004B-4 Date of Issue: March 10, 2004 Credit Enhancement: Subseries 2004B-1 Bonds and Subseries 2004B-4 Bonds are insured by Ambac Assurance Corporation; Subseries 2004B-2 Bonds are insured by MBIA Insurance Corporation; Subseries 2004B-3 Bonds are insured by Financial Guaranty Insurance Company; and Subseries 2004B-5 Bonds are insured by CDC IXIS Financial Guaranty North America, Inc. Current Mode: Auction Subseries 2004B-1 Principal Amortization Current Mode: 7-day auction rate November 1 Maturity (Base 59259N) 2019 $ 8,250, ,600, ,925, ,325, ,700, ,075, ,500, ,950, ,375, ,875, (final maturity) 425,000 Variable (1) NV1 Subseries 2004B-2 Principal Amortization Current Mode: 7-day auction rate November Maturity $14,600,000 (Base 59259N) ,800, (final maturity) 43,600,000 Variable (2) NW 9 (1) (2) Average interest rate for Series 2004B-1 was 2.475% from inception through December 31, Average interest rate for Series 2004B-2 was % from inception through December 31,

12 $500,000,000 Dedicated Tax Fund Variable Bonds, Series 2004B (continued) Subseries 2004B-4 Principal Amortization Current Mode: 28-day auction rate November Maturity $ 8,200,000 (Base 59259N) ,600, ,925, ,325, ,700, ,075, ,525, ,950, ,400, ,875, (final maturity) 425,000 Variable (4) NY5 (4) Average interest rate for Series 2004B-4 was % from inception through December 31, The following maturities and principal amounts of the Series 2004B Bonds were redeemed with proceeds on the dates and at the principal amounts listed below. CUSIP Subseries Principal Amount to be Redeemed Number (59259N) Date 2004B-3 $100,000,000 NX7 August 11, B-5 100,000,000 NZ2 August 29,

13 $120,000,000 Dedicated Tax Fund Bonds, Series 2004C Date of Issue: December 21, 2004 Credit Enhancement: All remaining maturities are insured by Ambac Assurance Corporation. Principal Amortization November Maturity $ 4,755, % (Base 59259N) PV ,000, PW ,610, PX ,445, PY ,460, PZ ,920, QA ,360, QB ,460, QC ,170, QD , QE ,985, QF ,675, QG ,060, QH ,640, QJ ,195, QK ,170, QL0 10

14 $350,000,000 Dedicated Tax Fund Bonds, Series 2006A Date of Issue: June 21, 2006 Credit Enhancement: Certain maturities as indicated below, are insured by MBIA Inc. Uninsured Series 2006A Bonds Principal Amortization November Maturity $ 6,535, % (Base 59259N) RW5 MBIA Insured Series 2006A Bonds Principal Amortization 2010 $ 4,450, % RX ,345, RY ,090, RZ ,375, SA ,570, SB ,100, SC ,275, SD ,750, SE ,395, SF ,730, SG ,080, SH ,440, SJ ,915, SK ,410, SL ,930, SM ,475, SN ,050, SP ,655, SQ ,285, SR , SS ,715, ST ,645, SU ,380, SV6 $50,905,000 MBIA Insured Term Bond November 15, $ 16,150, ,955, ,800, % SW4 $1,635,000 MBIA Insured Term Bond November 15, $ 1,635, % SX2 $78,930,000 MBIA Insured Term Bond November 15, $ 18,690, ,625, ,610, ,005, % SY0 11

15 $410,000,000 Dedicated Tax Fund Bonds, Series 2006B Date of Issue: November 9, 2006 Credit Enhancement: The remaining maturities are insured by MBIA Insurance Company. Principal Amortization (1) November 15 Maturity (Base 59259N) MBIA Insured Serial Bonds 2010 $ 7,485, % TK ,755, TL ,035, TM ,435, TN ,895, TP ,855, TQ ,135, TR ,020, TS ,575, TT ,030, TU ,530, TV ,055, TW ,610, TX ,900, TY ,290, TZ ,780, UA ,420, UB ,090, UC ,795, UD ,535, UE1 $89,930,000 Term Bond November 15, $ 16,275, ,090, ,945, ,840, ,780, % UF8 $ 50,000,000 Term Bond November 15, $ 10,000, ,000, ,000, ,000, ,000, % UG6 $64,250,000 Term Bond November 15, $ 10,770, ,760, ,800, ,890, ,030, % UH4 The following maturities and principal amounts of the MTA Dedicated Tax Fund Bonds, Series 2006B were defeased on September 20, 2007 at the principal amounts listed below. Maturity (November 15) Principal Amount Outstanding Principal Amount to be Defeased CUSIP Number (59259N) 2009 $7,235,000 $7,235, % TJ2 12

16 $352,915,000 Dedicated Tax Fund Variable Refunding Bonds, Series 2008A Date of Issue: June 25, 2008 Credit Enhancement: All Series 2008A Bonds are insured by Assured Guaranty Municipal Corp. Liquidity Facility: Standby Bond Purchase Agreement with Dexia Crédit Local, New York Branch Current Mode: Weekly Principal Amortization Current Mode: Weekly November 1 Maturity (Base 59259N) 2009 $ 1,825, ,885, ,950, ,015, ,100, ,170, ,245, ,320, ,415, ,495, ,990, ,360, ,865, ,315, ,170, ,055, ,990, ,940, ,930, ,950, ,020, ,115, * (final maturity) 33,255,000 (Variable) (5) VZ3 5 Average rate for series 2008A was % from inception through December 31, Series 2008A Variable Bonds were partially swapped to a fixed rate. For more information, see page 86, " Exchange or Other Such Agreements." 13

17 $348,175,000 Dedicated Tax Fund Variable Refunding Bonds, Series 2008B $100,000,000 Subseries 2008B-1 $100,000,000 Subseries 2008B-2 $100,000,000 Subseries 2008B-3 $48,175,000 Subseries 2008B-4 Date of Issue: August 7, 2008 Credit Enhancement: None Liquidity Facility: Subseries 2008B-1 Bonds are secured by an irrevocable direct-pay letter of credit issued by The Bank of Nova Scotia, acting through its New York Agency (Scotiabank); Subseries 2008B-2 Bonds are secured by an irrevocable direct-pay letter of credit issued by BNP Paribas, acting through its New York Branch (BNP Paribas); Subseries 2008B-3 Bonds are secured by an irrevocable directpay letter of credit issued by Lloyds TSB Bank plc, acting through its New York Branch (Lloyds); and Subseries 2008B-4 Bonds are secured by an irrevocable direct-pay letter of credit issued by KBC Bank N.V., acting through its New York Branch. All irrevocable direct-pay letters of credit expire 8/05/2011. Current Mode: Weekly Subseries 2008B-1 Principal Amortization Current Mode: Weekly November 1 Maturity (Base 59259N) 2009 $ 590, , , , , , , , , ,725, ,405, ,650, ,570, ,625, ,745, ,695, ,775, ,820, ,865, ,975, ,790, ,085, ,965, ,435, * 1,340,000 (variable) (6) WB5 (6) Average interest rate for Series 2008B-1 was.7807% from inception through December 31, For more information, see page 86, " Exchange or Other Such Agreements." 14

18 $348,175,000 Dedicated Tax Fund Variable Refunding Bonds, Series 2008B, Cont. Subseries 2008B-2 Principal Amortization Current Mode: Weekly November 1 Maturity (Base 59259N) 2009 $ 590, , , , , , , , , ,725, ,405, ,650, ,570, ,625, ,745, ,695, ,775, ,820, ,865, ,975, ,790, ,085, ,965, ,435, * 1,340,000 (variable) (7) WC3 (7) Average interest rate for Series 2008B-2 was.8011% from inception through December 31, For more information, see page 86, " Exchange or Other Such Agreements." 15

19 $348,175,000 Dedicated Tax Fund Variable Refunding Bonds, Series 2008B, Cont. Subseries 2008B-3 Principal Amortization Current Mode: Weekly November Maturity $ 590,000 (Base 59259N) , , , , , , , , ,725, ,405, ,650, ,570, ,625, ,745, ,695, ,775, ,820, ,865, ,975, ,790, ,085, ,965, ,435, * 1,340,000 (Variable) (8) WD1 8 Average interest rate for Series 2008B-3 was.7807% from inception through December 31, For more information, see page 86, " Exchange or Other Such Agreements." 16

20 $348,175,000 Dedicated Tax Fund Variable Refunding Bonds, Series 2008B, Cont. Subseries 2008B-4 Principal Amortization Current Mode: Weekly November Maturity $ 285,000 (Base 59259N) , , , , , , , , , ,605, ,725, ,690, ,710, ,775, ,740, ,785, ,810, ,375, ,885, ,155, ,305, ,320, , * 655,000 (Variable) 9 WE9 9 Average interest rate for Series 2008B-4 was.8668% from inception through December 31, For more information, see page 86, " Exchange or Other Such Agreements." 17

21 $261,700,000 Dedicated Tax Fund Bonds, Series 2009A Date of Issue: March 19, 2009 Credit Enhancement: None Series 2009A Principal Amortization (1) Maturity 2010 $ 4,340, % WZ ,425, XA ,560, XB ,695, XC ,835, XD ,995, XE ,170, XF ,375, XG ,645, XH ,930, XJ ,225, XK ,535, XL ,860, XM ,205, XN ,575, XP ,960, XQ ,380, XR ,820, XS ,135, XT ,160, XU ,640, XV ,150, XW ,325, XX6 $25,790,000 Term Bond November 15, $ 2,280, ,410, ,545, ,685, ,835, ,995, ,165, ,345, ,530, % XY4 $96,970,000 Term Bond November 15, $ 8,615, ,085, ,585, ,115, ,675, ,260, ,880, ,530, ,225, % XZ1 November 15 (Base 59259N) (1) The Series 2009A Bonds maturing on or after November 15, 2019 are subject to redemption prior to maturity on any date on or after November 15, 2018, at the option of MTA, in whole or in part on any date (in accordance with the procedures of DTC, so long as DTC is the sole registered owner, and otherwise by lot in such manner as the Trustee in its discretion deems proper) at 100% of the principal amount thereof, together with accrued interest thereon up to but not including the redemption date. 18

22 $500,000,000 Dedicated Tax Fund Bonds, Series 2009B Date of Issue: April 30, 2009 Credit Enhancement: None Series 2009B Principal Amortization (1) Maturity 2010 $ 7,105, % YA ,000, YB ,320, YX ,000, YC ,645, YY ,000, YD ,970, YZ ,000, YE ,325, ZA ,000, YF ,705, ZB ,000, YG ,100, ZC ,765, YH ,755, ZD ,000, YJ ,965, ZE ,000, YK ,440, ZF ,940, YL ,515, YM ,120, YN ,755, YP ,425, YQ ,130, YR ,875, YS ,655, YT ,475, YU ,340, YV ,250, YW7 $256,425,000 Term Bond November 15, $ 19,210, ,175, ,040, (final maturity) 50,000, % ZG1 November 15 (Base 59259N) (1) The Series 2009B Bonds maturing on or after November 15, 2020 are subject to redemption prior to maturity on any date on or after November 15, 2019, at the option of MTA, in whole or in part on any date (in accordance with the procedures of DTC, so long as DTC is the sole registered owner, and otherwise by lot in such manner as the Trustee in its discretion deems proper) at 100% of the principal amount thereof, together with accrued interest thereon up to but not including the redemption date. 19

23 $750,000,000 Dedicated Tax Fund Bonds, Series 2009C (Federally Taxable-Issuer Subsidy-Build America Bonds) (1) Date of Issue: April 30, 2009 Credit Enhancement: None Series 2009C Principal Amortization (2)(3) Maturity $750,000,000 Term Bond November 15, $250,000, ,000, (final maturity) 250,000, % ZH9 November 15 (Base 59259N) (1) The MTA currently intends to elect to treat the Series 2009C Bonds as Build America Bonds for purposes of The American Recovery and Reinvestment Act of 2009 (Public Law 111-5) and to receive a cash subsidy from the United States Treasury in connection therewith. Pursuant to the Recovery Act, the Authority will receive cash subsidy payments from the United States Treasury equal to 35% of the interest payable on the Series 2009C Bonds. Such cash subsidy payments received by the Authority will not constitute part of the trust estate for purposes of the DTF Resolution. (2) The Series 2009C Bonds are subject to redemption prior to maturity by written direction of the Authority, in whole or in part, on any Business Day, at the Make-Whole Price (as defined herein). The Make-Whole Price is the greater of (i) 100% of the principal amount of the Series 2009C Bonds to be redeemed and (ii) the sum of the present value of the remaining scheduled payments of principal and interest to the maturity date of the Series 2009C Bonds to be redeemed, not including any portion of those payments of interest accrued and unpaid as of the date on which the Series 2009C Bonds are to be redeemed, discounted to the date on which the Series 2009C Bonds are to be redeemed on a semi-annual basis, assuming a 360- day year consisting of twelve 30-day months, at the adjusted Treasury (as defined herein) plus 50 basis points, plus, in each case, accrued and unpaid interest on the Series 2009C Bonds to be redeemed on the redemption date. The Treasury is, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (excluding inflation indexed securities) (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to the maturity date of the Series 2009C Bonds to be redeemed; provided, however, that if the period from the redemption date to such maturity date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. (3) The Series 2009C Bonds are subject to redemption prior to their maturity at the option of the MTA, in whole or in part upon the occurrence of an Extraordinary Event, at a redemption price equal to the greater of: (i) 100% of the principal amount of the Series 2009C Bonds to be redeemed; and (ii) the sum of the present value of the remaining scheduled payments of principal and interest to the maturity date of the Series 2009C Bonds to be redeemed, not including any portion of those payments of interest accrued and unpaid as of the date on which the Series 2009C Bonds are to be redeemed, discounted to the date on which the Series 2009C Bonds are to be redeemed on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury, plus 100 basis points; plus, in each case, accrued interest on the Series 2009C Bonds to be redeemed to the redemption date. An "Extraordinary Event" will have occurred if MTA determines that a material adverse change has occurred to Section 54AA or 6431 of the Code (as such Sections were added by Section 1531 of the Recovery Act, pertaining to "Build America Bonds") or there is any guidance published by the Internal Revenue Service or the United States Treasury with respect to such Sections or any other determination by the Internal Revenue Service or the United States Treasury, which determination is not the result of any act or omission by MTA to satisfy the requirements to qualify to receive the 35% cash subsidy payment from the United States Treasury, pursuant to which the Authority's 35% cash subsidy payment from the United States Treasury is reduced or eliminated. 20

24 Part 1. Issues Covered by this Annual Report MTA TRANSPORTATION REVENUE BONDS Series Dated Date Par Issued Par Outstanding (10) (as of 12/31/2009) 2002A May 30, 2002 $2,894,185,000 $2,669,575,000 Fixed 2002B May 30, ,500, ,500,000 Auction 2002D May 30, ,000, ,000,000 Synthetic Fixed 2002E July 2, ,495, ,515,000 Fixed 2002F November 20, ,110, ,705,000 Fixed 2002G November 20, ,000, ,000,000 Variable 2003A May 14, ,340, ,455,000 Fixed 2003B August 13, ,765, ,915,000 Fixed 2005A February 15, ,000, ,330,000 Fixed 2005B July 1, ,000, ,125,000 Fixed 2005C November 2, ,000, ,730,000 Fixed 2005D November 2, ,000, ,000,000 Synthetic Fixed 2005E November 2, ,000, ,000,000 Synthetic Fixed 2005F December 7, ,760, ,000,000 Fixed 2005G December 7, ,000, ,000,000 Variable 2005H December 7, ,370,000 84,660,000 Fixed 2006A July 20, ,000, ,700,000 Fixed 2006B December 20, ,730, ,370,000 Fixed 2007A July 11, ,615, ,400,000 Fixed 2007B December 13, ,000, ,890,000 Fixed 2008A February 21, ,470, ,125,000 Fixed 2008B February 21, ,530, ,530,000 Variable 2008C October 23, ,000, ,000,000 Fixed 2009A October 15, ,320, ,320,000 Fixed Total $14,353,190,000 $12,844,845, In September 2008, MTA issued $750 million aggregate principal amount of commercial paper notes in the form of bond anticipation notes under the Transportation Resolution. 2 In July 2009, MTA issued $600 million aggregate principal amount of revenue anticipation notes under the Transportation Resolution which were repaid in full on December 31, Part 2. Details of Each Issue of Bonds Means of Repayment Description of Pledged Revenues: Revenues securing the Transportation Revenue Bonds include fares from the transit and commuter systems, TBTA surpluses, State and local governmental operating subsidies, special tax-supported operating subsidies, station maintenance and service reimbursements, and revenue from investment of Capital Program funds. Uninsured Ratings Fitch Ratings...A Moody s Investors Services...A2 Standard and Poor s Ratings...A 21

25 $2,894,185,000 Transportation Revenue Refunding Bonds, Series 2002A Date of Issue: May 30, 2002 Credit Enhancement: Some, but not all, of the maturities of the Series 2002A Bonds are insured by Ambac Assurance Corporation,, Assured Guaranty Municipal Corp., Financial Guaranty Insurance Company (FGIC) and MBIA Insurance Corporation, as set forth below. Uninsured Series 2002A Bonds Principal Amortization November Maturity $ 4,100, % (Base 59259R) BW ,515, BX ,820, BY , BZ ,810, CA , CB ,190, CC ,490, CD , CE ,075, CF , CG ,260, CH ,685, CJ ,890, CK ,535, CL ,930, CM4 $300,000,000 Term Bond November 15, $48,785, ,230, ,855, ,615, ,515, % CN2 $70,000,000 Term Bond November 15, $70,000, % CP7 The following maturities and principal amounts of the MTA Transportation Revenue Refunding Bonds, Series 2002A were defeased on September 20, 2007 at the principal amounts listed below. Maturity (November 15) Principal Amount Outstanding Principal Amount to be Defeased CUSIP Number (59259R) 2009 $ 2,090,000 2,090, % BU ,365,000 1,365, BV5 22

26 Transportation Revenue Refunding Bonds, Series 2002A (continued) Series 2002A Bonds insured by MBIA Principal Amortization November 15 Maturity (Base 59259R) 2010 $ 15,715, % AJ ,305, AK ,950, AL ,160, AM6 Series 2002A Bonds insured by Ambac Principal Amortization November 15 Maturity (Base 59259R) 2012 $25,740, % AN ,300, AP ,365, AQ ,395, AR ,965, AS ,380, AT ,175, AU ,620, AV ,985, AW ,315, AX ,110, AY0 Series 2002A Bonds insured by FGIC Principal Amortization November Maturity $63,270, % (Base 59259R) AZ ,195, BA ,860, BB ,210, BC7 $419,510,000 Term Bond November 15, $133,090, ,760, ,660, % BD5 $100,000,000 Term Bond November 15, ,000, % BF0 Series 2002A Bonds insured by Assured Guaranty Municipal Corp. Principal Amortization November 15 Maturity (Base 59259R) $645,265,000 Term Bond November 15, $154,615, ,560, ,315, ,095, ,680, % BE3 $100,000,000 Term Bond November 15, $100,000, % BG8 The following maturities and principal amounts of the MTA Transportation Revenue Refunding Bonds, Series 2002A were defeased on September 20, 2007 at the principal amounts listed below. Maturity (November 15) CUSIP Number (59259R) Principal Amount Outstanding Principal Amount to be Defeased 2009 $18,955,000 $18,955, % AG ,795,000 15,795, AH7 23

27 $210,500,000 Transportation Revenue Variable Refunding Bonds, Series 2002B $105,250,000 Subseries 2002B-1 $105,250,000 Subseries 2002B-2 Date of Issue: May 30, 2002 Credit Enhancement: All Series 2002B Bonds are insured by Financial Security Assurance Inc (FSA). Current Mode: Auction Subseries 2002B-1 Principal Amortization Current Mode: 7-day auction rate November 1 Maturity (Base 59259R) 2013 $ 4,500, ,600, ,900, ,100, ,600, ,100, ,300, ,000, ,150, (final maturity) 11,000,000 Variable (1) EE0 Subseries 2002B-2 Principal Amortization Current Mode: 28-day auction rate November 1 Maturity (Base 59259R) 2013 $ 4,500, ,600, ,900, ,100, ,600, ,100, ,300, ,000, ,150, (final maturity) 11,000,000 Variable (2) EF7 (1) (2) Average interest rate for Series 2002B-1 was % from inception through December 31, Average interest rate for Series 2002B-2 was 2.13 % from inception through December 31,

28 $400,000,000 Transportation Revenue Variable Refunding Bonds, Series 2002D $200,000,000 Subseries 2002D-1 $200,000,000 Subseries 2002D-2 Date of Issue: May 30, 2002 Credit Enhancement: All Series 2002D Bonds are insured by Financial Security Assurance Inc. Liquidity Facility: Series 2002D-1: Standby Bond Purchase Agreement with WestLB AG, New York Branch Series 2002D-2: Standby Bond Purchase Agreement with Dexia Crédit Local Current Mode: Weekly Subseries 2002D-1 Principal Amortization Current Mode: Weekly November 1 Maturity (Base 59259R) 2022 $46,900, ,400, ,600, ,000, ,800, ,200, ,700, (final maturity) 6,400,000 Variable (1) EC4 Subseries 2002D-2 Principal Amortization Current Mode: Weekly November 1 Maturity (Base 59259R) 2029 $22,800, ,400, ,000, (final maturity) 114,800,000 Variable (2) ED2 (1) (2) Average interest rate for Series 2002D-1 was % from inception through December 31, Variable rate was swapped to a fixed rate. For more information, see page 86, " Exchange or Other Such Agreements." Average interest rate for Series 2002D-2 was % from inception through December 31, Variable rate was swapped to a fixed rate. For more information, see page 86, " Exchange or Other Such Agreements." 25

29 $397,495,000 Transportation Revenue Refunding Bonds, Series 2002E Date of Issue: July 2, 2002 Credit Enhancement: Some, but not all, of the maturities of the Series 2002E Bonds are insured by MBIA Insurance Corporation Uninsured Series 2002E Bonds Principal Amortization November 15 Maturity (Base 59259R) $115,245,000 Term Bond November 15, $15,725, ,515, ,300, ,420, ,465, ,820, % FX7 Insured Series 2002E Bonds Principal Amortization November 15 Maturity (Base 59259R) 2010 $ 1,690, % FC ,025, FD ,480, FE ,230, FF ,110, FG ,185, FH ,510, FJ ,015, FK ,410, FL ,030, FM ,325, FN ,185, FP ,155, FQ ,265, FR ,500, FS ,935, FT ,740, FU ,405, FV ,075, FW9 The following maturities and principal amounts of the MTA Transportation Revenue Refunding Bonds, Series 2002E were defeased on September 20, 2007 at the principal amounts listed below. Maturity (November 15) Principal Amount Outstanding Principal Amount to be Defeased CUSIP Number (59259R) 2009 $ 3,615,000 $ 3,615, % FA ,085,000 13,085, FB5 26

30 $446,110,000 Transportation Revenue Refunding Bonds, Series 2002F Date of Issue: November 20, 2002 Credit Enhancement: All of the remaining maturities of the Series 2002F Bonds are insured by MBIA Insurance Corporation Insured Series 2002F Bonds Principal Amortization November 15 Maturity (Base 59259R) 2009 $ 13,610, % LD ,040, LE ,115, LF ,350, LG ,055, LH ,615, LJ ,845, LK ,000, LL ,075, LM ,740, LN ,615, LP ,800, LQ5 $186,495,000 Term Bond November 15, $43,270, ,430, ,705, ,090, % LS1 The following maturities and principal amounts of the Series 2002F Bonds were advance refunded and defeased on December 20, 2006 at the redemption prices and the redemption dates listed below. Maturity (Nov. 15) Principal Amount to be Redeemed Date (Nov. 15) Price CUSIP Number (59259R) 2027 $60,890, % % LR3 27

31 $400,000,000 Transportation Revenue Variable Refunding Bonds, Series 2002G $200,000,000 Subseries 2002G-1 Date of Issue: November 20, 2002 Credit Enhancement: None Liquidity Facility: Series 2002G-1: Irrevocable Letter of Credit with The Bank of Nova Scotia, acting through its New York Agency, (expires October 7, 2011) Current Mode: Weekly Principal Amortization (11) Current Mode: Weekly November 1 Maturity (Base 59259R) 2013 $5,900, ,270, ,760, ,255, ,800, ,355, ,930, ,515, ,150, ,795, ,465, ,160, ,890, (final maturity) 9,755,000 Variable (12) 7S7 ( (11) On October 9, 2008, the MTA effected a mandatory tender of the Subseries 2002G-1 Bonds (CUSIP number 59259RLT9), cancelled the existing financial insurance policy with Ambac Assurance Corporation and the Standby Bond Purchase Agreement with the Bank of Nova Scotia related to the Subseries 2002G-1 Bonds and remarketed the Subseries 2002G-1 Bonds with liquidity provided by an irrevocable Direct-Pay Letter of Credit with the Bank of Nova Scotia. The CUSIP for the remarketed Subseries 2002G-1 Bonds is 59259R7S7. (12) Average interest rate for Series 2002G-1 was % from inception through December 31,

32 $475,340,000 Transportation Revenue Bonds, Series 2003A Date of Issue: May 14, 2003 Credit Enhancement: The remaining maturities of the Series 2003A Bonds are insured by Financial Security Assurance Inc. (FSA) or Financial Guaranty Insurance Company (FGIC), as set forth below. FSA Insured Series 2003A Bonds Principal Amortization November 15 Maturity (Base 59259R) 2020 $ 17,270, % NT ,440, NU ,525, NV ,460, NW ,145, NX ,950, NY ,605, NZ ,175, PA ,760, PB ,750, PC2 FGIC Insured Series 2003A Bonds Principal Amortization November 15 Maturity (Base 59259R) 2010 $ 5,615, % NC ,940, ND , NE ,455, NF ,560, NG ,820, NH ,510, NJ ,760, NK ,435, NL ,345, NM ,245, NN ,805, NP ,395, NQ ,995, NR ,635, NS9 $91,865,000 Term Bond November 15, $ 16,605, ,960, ,665, ,425, ,210, % PD0 The following maturities and principal amounts of the MTA Transportation Revenue Bonds, Series 2003A were defeased on September 20, 2007 at the principal amounts listed below. Maturity (November 15) Principal Amount Outstanding Principal Amount to be Defeased CUSIP Number (59259R) 2009 $5,975,000 $5,975, % NA ,650,000 7,650, NB6 29

33 $751,765,000 Transportation Revenue Bonds, Series 2003B Date of Issue: August 13, 2003 Credit Enhancement: Some, but not all, of the maturities of the Series 2003A Bonds are insured by Financial Guaranty Insurance Company (FGIC), and MBIA Insurance Corporation, as set forth below. Uninsured Series 2003B Bonds Principal Amortization November 15 Maturity (Base 59259R) 2023 $ 30,490, % RA ,010, RB ,655, RC0 FGIC Insured Series 2003B Bonds Principal Amortization November 15 Maturity 2010 $ 11,400, % PZ ,000, QA ,990, QB ,000, QC ,570, QD ,070, QE ,425, QF ,080, QG ,690, QH ,740, QJ ,160, QK ,170, QL , QM ,645, QN , QP ,775, QQ , QR ,655, QS ,390, QT ,490, QU , QV ,460, QW ,420, QX ,130, QY3 MBIA Insured Series 2003B Bonds Principal Amortization (Base 59259R) November 15 Maturity 2022 $ 28,965, % QZ0 $76,425,000 Term Bond November 15, $ 37,280, ,145, % RE6 (Base 59259R) The following maturities and principal amounts of the Series 2003B Bonds were advance refunded and defeased on December 20, 2006 at the redemption prices and the redemption dates listed below. Maturity (Nov. 15) Principal Amount to be Redeemed Date (Nov. 15) Price CUSIP Number (59259R) 2026 $ 35,420, % % RD ,455, % RF3 The following maturities and principal amounts of the MTA Transportation Revenue Bonds, Series 2003B were defeased on September 20, 2007 at the principal amounts listed below. Principal Amount Outstanding Principal Amount to be Defeased 2009 $10,845,000 $10,845, % PX ,000,000 5,000, PY4 Maturity (November 15) CUSIP Number (59259R) 30

34 $650,000,000 Transportation Revenue Bonds, Series 2005A Date of Issue: February 15, 2005 Credit Enhancement: The remaining maturities of the Series 2005A Bonds are insured by Ambac Assurance Corporation (Ambac), and MBIA Insurance Corporation (MBIA), as set forth below. Ambac Insured Series 2005A Bonds Principal Amortization November 15 Maturity (Base 59259R) 2016 $12,015, % UD ,675, UE ,375, UF ,110, UG ,815, UH ,840, UJ ,585, UK ,615, UV4 $117,610,000 Term Bond November 15, $37,305, ,175, ,130, % UW2 Ambac Insured Series 2005A Serial Bonds, continued 2034 $43,185, % UX0 MBIA Insured Series 2005A Bonds Principal Amortization November 15 Maturity (Base 59259R) 2010 $10,405, % TT ,285, TU ,220, TV ,475, TW ,670, TX ,470, TY ,695, TZ ,940, UA ,245, UB ,955, UC ,600, UL ,005, UM ,435, UN ,885, UP7 $71,575,000 Term Bond November 15, $16,360,000 Note ,345,000 Note ,385,000 Note ,485,000 Note UQ5 MBIA Insured Series 2005A Serial Bonds, continued 2027 $31,005, % UR ,485, US ,845, UU ,180, UT ,130, UY8 Note: The term bond due November 15, 2026 insured by MBIA is a Step Coupon security that bears interest at 3.40% per annum to and including November 15, 2010, at 4.00% per annum from November 16, 2010 to and including November 15, 2015, at 5.00% per annum from November 16, 2015 to and including November 15, 2020, and thereafter through maturity at 6.00% per annum. The following maturities and principal amounts of the MTA Transportation Revenue Series 2005A Bonds were defeased on September 20, 2007 at the principal amounts listed below. Maturity Principal Amount Principal Amount CUSIP Number (November 15) Outstanding to be Defeased (59259R) 2009 $10,100,000 $10,100, % TS3 31

35 $750,000,000 Transportation Revenue Bonds, Series 2005B Date of Issue: July 1, 2005 Credit Enhancement: Some, but not all, of the maturities of the Series 2005B Bonds are insured by Ambac Assurance Corp., and MBIA Insurance Corp., as set forth below Uninsured Series 2005B Bonds Principal Amortization Maturity 2010 $ 6,880, % VU ,000, VV3 $70,000,000 Term Bond November 15, $31,755, (final maturity) 38,245, % WW0 (November 15) November 15 CUSIP No (Base 59259R) Ambac Insured Series 2005B Bonds Principal Amortization Maturity 2011 $ 5,095, % VW ,360, VX ,090, VY ,000, VZ ,760, WA ,000, WB ,565, WC ,895, WD ,900, WE ,360, WF ,095, WG ,485, WN ,770, WP ,120, WQ , WR ,620, WS ,965, WT ,465, WU4 $72,390,000 Term Bond November 15, $33,035, ,690, (final maturity) 4,665, % WV2 November 15 (Base 59259R) MBIA Insured Series 2005B Bonds Principal Amortization Maturity 2017 $ 19,000, % WH ,950, WJ ,000, WK ,100, WL ,260, WM2 $171,495,000 Term Bond November 15, $ 40,155, ,165, ,270, (final maturity) 44,905, % WY6 MBIA Insured Series 2005B Serial Bonds, continued $ 1,580, % WX8 (Base 59259R) The following maturities and principal amounts of the MTA Transportation Revenue Bonds, Series 2005B were defeased on September 20, 2007 at the principal amounts listed below. Maturity (November 15) Principal Amount Outstanding Principal Amount to be Defeased CUSIP Number (59259R) 2009 $6,310,000 $6,310, % VS ,000,000 7,000, VT8 32

36 $150,000,000 Transportation Revenue Bonds, Series 2005C Date of Issue: November 2, 2005 Credit Enhancement: None Principal Amortization Maturity 2009 $ 5,055, % YM ,755, YN ,720, YP ,655, YQ ,000, YR ,965, YS ,710, YT ,930, YU ,115, YV ,240, YW ,795, YX ,285, YY ,410, YZ ,490, ZA ,740, ZB ,675, ZC1 (November 15) CUSIP No (Base 59259R) 33

37 $250,000,000 Transportation Revenue Variable Bonds, Series 2005D $150,000,000 Subseries 2005D-1 $100,000,000 Subseries 2005D-2 Date of Issue: November 2, 2005 Credit Enhancement: None Liquidity Facility: Series 2005D-1: Irrevocable Direct Pay Letter of Credit issued by Landesbank Hessen Thüringen (Helaba), acting through its New York Branch (expires on November 7, 2008); Series 2005D-2: Irrevocable Direct Pay Letter of Credit issued by Landesbank Hessen Thüringen (Helaba), acting through its New York Branch (expires on November 10, 2008) Current Mode: Weekly Subseries 2005D-1 Principal Amortization Current Mode: Weekly Maturity 2016 $ 1,875, ,375, ,575, ,800, ,025, ,250, ,500, ,775, ,050, ,325, ,625, ,925, ,250, ,575, ,925, ,250, ,625, ,025, ,425, (final maturity) 10,825,000 Variable 13 AG4 November 1 (Base 59259Y) 13 Average interest rate for Series 2005D-1 was.3685% from inception through December 31, Variable rate bonds were swapped to a fixed rate. For more information, see page 86, " Exchange or Other Such Agreements." 34