...Sale Date: Dec. 7. Series: General obligation bonds fiscal 2017 series B, subseries B-1, B-2, B-3. Purpose: Proceeds of fiscal 2017 bonds will be used to fund various capital projects and pay costs of issuance. Security: The GO bonds are secured by a pledge of New York City's (the city) full faith and credit and the levy by the city of ad valorem taxes (without limit as to rate or amount) on all real property within the city subject to taxation. The city is not subject to New York state's property tax cap. Exceptionally strong budget monitoring and controls have been in place since the city's fiscal crisis in the 1970s. Strong revenue-raising ability and positive economic prospects also contribute to sound overall credit quality and the expectation that the liability burden will not increase notably. The large long-term liability burden for the current rating level is an ongoing concern. Changes to the pension plan for newer employees should over time cause the pension liability to moderate....
