NYC Bonds

Investment Policies

General Debt Service Fund

Pursuant to the Financial Emergency Act, the General Debt Service Fund (“GDSF”) was established for City bonds and certain City notes. Payments of the City real estate tax must be deposited in the GDSF, and retained under a statutory formula, for the payment of debt service. If the statutory formula does not result in retention of sufficient real estate taxes to comply with the City Covenants, the City will comply with the City Covenants either by providing for early retention of real estate taxes or by making cash payments into the GDSF. The principal of and interest on bonds will be paid from the GDSF until the Financial Emergency Act expires, and thereafter from a separate fund maintained in accordance with the City covenants. Since its inception in 1978, the GDSF has been fully funded at the beginning of each payment period.

Held by the New York State Comptroller Pursuant to Section 9-A of the NYS Financial Emergency Act and to the agreements made between the City and its bond and note holders, the New York City General Debt Service Fund may invest in:

  1. Obligations of or guaranteed by the United States
  2. In accordance with existing [Office of the State Comptroller] departmental legal opinions, Repurchase Agreements collateralized with United States Treasury obligations maturing in twelve years or less

General Obligation Bond Proceeds

Policy Guidelines for Short Term Investments for the New York City Treasury and Related Accounts

Notice and Disclaimer

Under no circumstances shall the information on this website constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers to purchase securities may be made only through a registered broker-dealer and through an official statement.

The information contained on this website has been included for general informational purposes only and no person should make any investment decision in reliance upon the information contained herein.

Bonds may not be sold, nor may an offer to buy be accepted, prior to the time an Official Statement is delivered in final form. A definitive Official Statement with respect to any bonds will be made available concurrently with their sale. A Preliminary Official Statement for any bonds may be obtained from the firms listed on the cover of the Preliminary Official Statement and on this website.

Any Preliminary Official Statement relating to bonds included on the Upcoming Transactions page is provided only as a matter of convenience.

For investment advice on bonds, please contact your investment advisor.

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