Albany, NY (May 22, 2003) - - - The Albany County Airport Authority today utilized the technology of the Internet to quickly sell $8,885,000 in Airport bonds. The bond proceeds will be used to make a number of Airport revenue-generating improvements including runway and apron expansion, taxiway, runway and hangar rehabilitations, terminal and parking expansion and leasehold improvements. The sale took place through a special Internet auction during which investment firms were able to electronically bid for the bonds.

"The Internet enables the Airport to reach an unlimited number of potential buyers who wish to compete for our bonds," said Rev. Michael A. Farano, Chairman of the Albany County Airport Authority. "It is through competition that we are able to realize the most favorable rate for our financial obligations."

Roosevelt & Cross, Inc. one of two firms that bid during the hour-long auction purchased the entire 30-year bond offering with a winning term interest cost bid of 3.798471 percent. In December of 2000 the Airport sold $14 million in bonds with a winning term interest cost bid of 5.31 percent.

The Airport Authority has bonding cap of $175 million. Currently, the Airport’s outstanding bond indebtedness totals $140.6

The bonds will be insured by Financial Security Assurance, Inc. (FAS). With the insurance, the three rating agencies, Fitch IBAC, Moody’s Investor Services and Standard & Poors all assigned a "AAA" rating for the bond issue. Fitch stated the rating "reflects the strong competitive position of Albany International Airport" and "financial management which has consistently yielded strong operating margins."

A portion of the bond proceeds will be used to purchase the former Consolidated Freightways Corporation at Watervliet-Shaker Road. The site will be used to expand the Airport’s very popular Economy Parking lot which is often filled to capacity during peak travel periods. The Airport won the Consolidated property at auction yesterday with a bid of $725,000.

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