Tax-exempt Private Activity Bonds
(The Goethals Bridge Replacement Project)
Assured Guaranty Municipal insured more than $101 million of a $461 million bond issue in connection with a public-private partnership sponsored by the Port Authority of NYNJ. The partnership was created to design, build and maintain a replacement for the Goethals Bridge, an 85-year-old span that connects New York City to New Jersey, and the existing bridge will be demolished once the replacement is completed. Our insurance reduced the all-in cost of the financing. In addition to our guaranty of full and timely payment, our participation includes the underwriting and surveillance of construction and operational risks, allowing certain investors to participate in project financings they might not otherwise invest in due to the lack of appropriate internal resources.
- Sam Nakhleh
- 212 261 5522