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For Immediate Release
December 12, 2011

Bridge Authority to Save $3.3 Million

Highland, NY - By refinancing existing debt at lower interest rates, the NYS Bridge Authority will save more than three million dollars over the next five years, Executive Director Joseph Ruggiero said today.

“We constantly evaluate our financial position,” Ruggiero said.  “By taking advantage of market conditions, we will reduce our costs over the next five years and dedicate more of the limited toll revenue to keep our bridges well maintained.” 

The Bridge Authority is refinancing about $33 million in debt, cutting annual interest costs by about $660,000 per year.  The debt was issued in 2002 and paid for a number of capital projects that will serve the public for many years to come.  It is expected that this debt will be fully paid back within the next five years.

Because the Bridge Authority continues to have well managed finances, its credit rating is among the best in the industry.  This allows the Bridge Authority to borrow at lower cost.  The Authority hold a strong Aa3 rating from Moody’s Investor’s Service and a AA- rating from Standard & Poor.

The Bridge Authority typically finances major projects by issuing bonds and repaying them over a number of years.  Smaller projects are paid directly by toll revenue on a pay-as-you-go basis.

The Bridge Authority receives no state or federal funds for maintenance and operations and relies solely on the tolls it collects for financing.  All Bridge Authority tolls remain strictly with the Bridge Authority and are only used for the operation and maintenance of its six Hudson Valley bridges.

The Bridge authority owns and operates the Bear Mountain, Newburgh-Beacon Mid-Hudson, Kingston-Rhinecliff and Rip Van Winkle bridges.  The Authority also owns and is responsible for the maintenance of the physical structure of the Walkway Over the Hudson Railroad Bridge.                                                

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