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80-780: The Cultural Education Center is on the south side of the Empire State Plaza in Albany , New York . Located on Madison Avenue, it faces northward towards the New York State Capitol building. Construction of the building, which was designed in the New Formalist style, was completed in 1978. The eleven story, 1.5 million square foot (135,000 m³) building houses the main offices of the New York State Office of Cultural Education (part of

160-408: A Chapter 11 bankruptcy at the giant telecommunications company Worldcom , in 2004 its bondholders ended up being paid 35.7 cents on the dollar. In a bankruptcy involving reorganization or recapitalization, as opposed to liquidation, bondholders may end up having the value of their bonds reduced, often through an exchange for a smaller number of newly issued bonds. A number of bond indices exist for

240-458: A tap issue or bond tap . Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at the end of the term. Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular assets. The issuer is obligated to repay the nominal amount on the maturity date. As long as all due payments have been made,

320-542: A 360-degree view because it has no windows on the west side. The Main Platform of the plaza itself is one of the largest buildings in the world. The complex incorporates 240,000,000 cubic feet (6,800,000 m ) of concrete, clad with 600,000 cubic feet (17,000 m ) of stone imported from many locations on three continents. A detailed walking tour guide can be downloaded, describing the many varieties of stone and concrete used in construction. The Swan Street Building

400-497: A bond will immediately affect mutual funds that hold these bonds. If the value of the bonds in their trading portfolio falls, the value of the portfolio also falls. This can be damaging for professional investors such as banks, insurance companies, pension funds and asset managers (irrespective of whether the value is immediately " marked to market " or not). If there is any chance a holder of individual bonds may need to sell their bonds and "cash out", interest rate risk could become

480-404: A centralized exchange or trading system. Rather, in most developed bond markets such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based over-the-counter markets. In such a market, liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the counterparty to

560-402: A company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors , in the event of bankruptcy. Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks typically remain outstanding indefinitely. An exception

640-679: A few blocks west, at the corner of Madison and Eagle stands the Catholic Cathedral of the Immaculate Conception. The predominantly black Wilborn Temple was growing along with the African American population of the area. In 1957 it relocated from 79 Hamilton Street, within the area seized by the State in 1962, to the former Beth Emeth synagogue on S. Swan between Lancaster and Jay. Paying for the construction of

720-406: A post office, a CDTA bus station , a visitor's center, and several retailers. The Concourse connects all buildings of the state plaza, and many state workers spend their lunch hour there. The Concourse also features various works of art and sculptures, part of the State collection of modern abstract art. The Governor Nelson A. Rockefeller Empire State Plaza Art Collection is located throughout

800-429: A price of 100), their prices will move towards par as they approach maturity (if the market expects the maturity payment to be made in full and on time) as this is the price the issuer will pay to redeem the bond. This is referred to as " pull to par ". At the time of issue of the bond, the coupon paid, and other conditions of the bond, will have been influenced by a variety of factors, such as current market interest rates,

880-500: A price of 75.26, indicates a selling price of $ 752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. Treasury bill , are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond. Although bonds are not necessarily issued at par (100% of face value, corresponding to

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960-419: A real problem, conversely, bonds' market prices would increase if the prevailing interest rate were to drop, as it did from 2001 through 2003. One way to quantify the interest rate risk on a bond is in terms of its duration . Efforts to control this risk are called immunization or hedging . There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and

1040-507: A total cost exceeding $ 1.7 billion. As of 2014 , more than 11,000 state employees work at the complex. In May 2017, New York Governor Andrew Cuomo 's administration announced the state would later in the year begin construction on a new microgrid that would provide power to the Empire State Plaza. The new microgrid project is expected to produce 90% of the complex's yearly electric energy needs. The Cuomo administration said

1120-707: A year and a fixed lump sum at maturity is attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes bankrupt , its bondholders will often receive some money back (the recovery amount ), whereas the company's equity stock often ends up valueless. However, bonds can also be risky but less risky than stocks: Bonds are also subject to various other risks such as call and prepayment risk, credit risk , reinvestment risk , liquidity risk , event risk , exchange rate risk , volatility risk , inflation risk , sovereign risk and yield curve risk . Again, some of these will only affect certain classes of investors. Price changes in

1200-555: Is a New York state public-benefit corporation that was created in 1979 to manage the performing arts facility in the plaza. The plaza was the idea of Governor Nelson Rockefeller , who was inspired to create the new government complex after Queen Juliana of the Netherlands visited Albany for a celebration of the area's Dutch history . Riding with the queen through a section of the city known colloquially as "the Gut", Rockefeller

1280-446: Is a 12-digit alphanumeric code that uniquely identifies debt securities. In English , the word " bond " relates to the etymology of "bind". The use of the word "bond" in this sense of an "instrument binding one to pay a sum to another" dates from at least the 1590s. Bonds are issued by public authorities, credit institutions, companies and supranational institutions in the primary markets . The most common process for issuing bonds

1360-399: Is an irredeemable bond, which is a perpetuity , that is, a bond with no maturity. Certificates of deposit (CDs) or short-term commercial paper are classified as money market instruments and not bonds: the main difference is the length of the term of the instrument. The most common forms include municipal , corporate , and government bonds . Very often the bond is negotiable, that is,

1440-408: Is commonly used for smaller issues and avoids this cost, is the private placement bond. Bonds sold directly to buyers may not be tradeable in the bond market . Historically, an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time, usually at a fixed price, with volumes sold on a particular day dependent on market conditions. This was called

1520-780: Is connected to the MVP Arena (a covered sports arena , known formerly as the Pepsi Arena, and originally named the Knickerbocker Arena) by a pedestrian bridge and to the New York State Capitol by a tunnel. Additionally a tunnel that runs under the West Capitol Park connects the Capitol building with the Alfred E. Smith Building at 80 South Swan Street. The entire complex is wheelchair-accessible, except

1600-444: Is more than a quarter of a mile long (400 meters), and modeled partly on Pharaoh Hatshepsut 's Temple at Deir el-Bahri , Egypt. Originally, hundreds of Norway maples were planted; today, they have been classified as invasive plant species by the State of New York. The plaza also features an outdoor ice skating rink during the winter on one of the plaza's reflecting pools. Wallace Harrison served as supervising architect for

1680-714: Is not a museum". The Collection represents a significant attempt to "integrate the fine arts into the lives of those who ordinarily might not be exposed to them". The pieces in the Collection were selected by a commission appointed by Governor Nelson A. Rockefeller in 1965. The commission included Wallace K. Harrison ; Robert M. Doty ; René d'Harnoncourt ; Seymour H. Knox, II ; and (after 1968) Dorothy Miller . Governor Rockefeller reviewed and approved each artwork. The Collection features modern artists who worked in New York State. In Rockefeller's words: "New York

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1760-427: Is only partially correct. Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are sometimes higher than the general level of dividend payments. Bonds are often liquid – it is often fairly easy for an institution to sell a large quantity of bonds without affecting the price much, which may be more difficult for equities – and the comparative certainty of a fixed interest payment twice

1840-515: Is the center of the contemporary movement in the (international) art world. ... [T]hese great artists should be represented in the state complex." Significantly, Rockefeller preferred modern art with no explicit social or political content: "I like strong, simple painting without a message". There are 92 works created between 1952 and 1973 by 63 artists. Of these, 16 pieces are site-specific commissions. Artistic styles range from Abstract Expressionism to Minimalism , Pop Art , and Op Art . Thus,

1920-429: Is the definition of the redemption yield on the bond, which is likely to be close to the current market interest rate for other bonds with similar characteristics, as otherwise there would be arbitrage opportunities. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa. For a discussion of the mathematics see Bond valuation . The bond's market price

2000-434: Is the rate of return received from investing in the bond. It usually refers to one of the following: The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors. High-yield bonds are bonds that are rated below investment grade by

2080-421: Is through underwriting . When a bond issue is underwritten, one or more securities firms or banks, forming a syndicate , buy the entire issue of bonds from the issuer and resell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have direct contact with investors and act as advisers to

2160-453: Is usually expressed as a percentage of nominal value: 100% of face value, "at par", corresponds to a price of 100; prices can be above par (bond is priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is called trading at a discount. The market price of a bond may be quoted including the accrued interest since the last coupon date. (Some bond markets include accrued interest in

2240-468: The Empire State Plaza , and also as the South Mall ) is a complex of several state government buildings in downtown Albany , New York. The complex was built between 1965 and 1976 at an estimated total cost of $ 2 billion. It houses several departments of the New York State administration and is integrated with the New York State Capitol , completed in 1899, which houses the state legislature . Among

2320-609: The International Style . The Egg is built in the Brutalist style. The scale of the buildings in the plaza is imposing, and the complex is the most easily recognizable aspect of the Albany skyline. The 44-story Corning Tower is the tallest building in New York State outside of New York City, and features an observation deck on its 42nd floor. It is free and open to the public on weekdays. However, it does not feature

2400-786: The New York State Education Department ), which include the New York State Museum (floors 1-4), the New York State Archives (floor 9), and the New York State Library (floors 5-8 and 11). This article about a building or structure in New York is a stub . You can help Misplaced Pages by expanding it . Empire State Plaza The Governor Nelson A. Rockefeller Empire State Plaza (known commonly as

2480-590: The State Capitol and the Hudson River . The plaza has also been criticized for the cost of its lavish architecture ( marble and other imported stone are used throughout), its sheer size, and its period architecture. In a sharply critical 1976 The New York Times article, architectural reviewer Paul Goldberger described the complex as "a compendium of clichés of modern architecture ". He further commented that "Ultimately, of course, one realizes that

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2560-446: The credit rating agencies . As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called junk bonds . The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in

2640-698: The 42nd floor. On the south end is the Cultural Education Center , set on a higher platform; and on the north end is the New York State Capitol . While the Capitol predates the plaza, it is connected to the Concourse by an escalator which allows underground access to the rest of the plaza, most notably (to the New York State Legislature , at least), the Legislative Office Building. The plaza

2720-462: The 98.5-acre site on March 27, 1962, through eminent domain . Demolition of the 1,200 structures began in the fall of 1962 and continued through the end of 1964. The official groundbreaking was on June 21, 1965, with an initial cost estimate of $ 250 million. The project was plagued by delays. Unrealistic schedules set by the state forced contractors for various parts to interfere with each other during work. The difficult working conditions caused some of

2800-442: The Collection is "an encyclopedia of abstraction as practiced in the sixties". Free guided tours for groups or individuals are available by appointment, and self-guided Acoustiguide tours are also available. The Empire State Plaza has at least 15 memorials of various types, built by the New York State Office of General Services. An illustrated and annotated self-guided tour brochure is available for download. The memorials on

2880-509: The Lancaster Street location in 1862. The Lancaster church boasted several Tiffany stained glass windows, attesting to the former wealth of the area. It relocated to Hackett Blvd. in 1965. Just outside the area seized by the State stood 3 churches. St. Anthony, on the corner of Madison and Grand (the building now houses Grand Street Community Arts), was the largest and most vibrant of the three nearby Catholic national churches. Just

2960-462: The Plaza itself, there is an eerie feeling of detachment. The Mall buildings loom menacingly, like aliens from another galaxy set down on this marble landing strip." Bond issue Bonds and stocks are both securities , but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in

3040-896: The State Street Capitol entrance and the Concourse tunnel to the Swan Street Building. An access map is available onsite or is downloadable. Crossing under the plaza is the South Mall Arterial , a short highway artery connecting to the Dunn Memorial Bridge . Construction of this highway destroyed many buildings of Albany's downtown. In the initial proposal, the highway was to go from Interstate 90 in North Greenbush (current exit 8 to NY Route 43 ), through Rensselaer, under

3120-513: The bond includes embedded options , the valuation is more difficult and combines option pricing with discounting. Depending on the type of option, the option price as calculated is either added to or subtracted from the price of the "straight" portion. See further under Bond option § Embedded options . This total is then the value of the bond. More sophisticated lattice- or simulation-based techniques may (also) be employed. Bond markets, unlike stock or share markets, sometimes do not have

3200-474: The bond issuer in terms of timing and price of the bond issue. The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds. In contrast, government bonds are usually issued in an auction. In some cases, both members of

3280-431: The bonds to match their liabilities, and may be compelled by law to do this. Most individuals who want to own bonds do so through bond funds . Still, in the U.S., nearly 10% of all bonds outstanding are held directly by households. The volatility of bonds (especially short and medium dated bonds) is lower than that of equities (stocks). Thus, bonds are generally viewed as safer investments than stocks , but this perception

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3360-644: The buildings as being in "The International Power Style of the Fifties", comparing the buildings to those built by Fascist governments ( Fascist architecture ). Architecture critic Martin Filler , quoted in The Making Of Empire State Plaza , says "There is no relationship at all between buildings and site, neither at grade nor atop the podium, since all vestiges of the existing site have been so totally obliterated. Thus, as one stands on

3440-518: The buildings torn down for the Empire State Plaza were rooming houses. In them lived over 1,000 single men, often elderly and poor. They made up about one third of all households and at least 15% of the take area's population. The eastern part of the take area, where the South Mall Arterial is now, was Albany's "Gut", an area of cheap hotels, flophouses, and dive bars. The take area also boasted elegant homes, particularly on State Street at

3520-490: The city's western fringe. Assumption of the Blessed Virgin Mary, a French national Catholic church, was at 109 Hamilton, between Grand and Fulton streets. Like Holy Cross, the church had seen a drop in parishioners to the point that in 1961 it celebrated only four baptisms and one marriage. Assumption relocated to the northern suburb of Loudonville. First Methodist Church, dating back to the 18th century, stood on

3600-603: The complex, within the underground Concourse, buildings, and outdoor areas. The Collection includes 92 large-scale paintings, sculptures, and tapestries at various locations. Glenn D. Lowry , director of the Museum of Modern Art in New York City, has termed the plaza's display of American art "the most important State collection of modern art in the country". The Collection has also been called "the greatest collection of modern American art in any single public site that

3680-465: The contractors to successfully sue the state later. Most of the construction was overseen by successive Office of general Services commissioners Cortlandt V. R. Schuyler and Almerin C. O'Hara . The first building to be completed was the Legislative Office Building in 1972, and the last was the Egg in 1978. Though the plaza was dedicated on November 21, 1973, it finally began full operation in 1976 at

3760-628: The corner of Hudson and Philip streets. After the State demolished the church, its congregants decided to merge with Trinity Methodist on Lark and Lancaster Streets, rather than try to start up again in a new location. St. Sophia Greek Orthodox Church at 8 Lancaster Street was the heart of the Greek-American community, and was in the midst of a major expansion campaign when the state seized the area. It relocated to Whitehall Road on Albany's fringe. A bit further west stood St. Paul's Episcopal Church at 78 Lancaster Street. Founded in 1827, it moved to

3840-490: The currency, the term of the bond (length of time to maturity) and the conditions applying to the bond. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond: The nature of the issuer will affect the security (certainty of receiving the contracted payments) offered by the bond, and sometimes the tax treatment. Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as

3920-682: The dealers earn revenue by means of the spread, or difference, between the price at which the dealer buys a bond from one investor—the "bid" price—and the price at which he or she sells the same bond to another investor—the "ask" or "offer" price. The bid/offer spread represents the total transaction cost associated with transferring a bond from one investor to another. Bonds are bought and traded mostly by institutions like central banks , sovereign wealth funds , pension funds , insurance companies , hedge funds , and banks . Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates. They buy

4000-450: The entire mall complex is not so much a vision of the future as of the past. The ideas here were dead before they left the drawing board, and every design decision, from the space allocations to the overall concept, emerges from an outdated notion of what modern architecture, not to mention modern government, should stand for." In his 1980 book, The Shock of the New , Robert Hughes refers to

4080-402: The entire project, with other associated firms as listed below. The buildings constituting the plaza include: The buildings are set around a row of three reflecting pools . On the west side are the four 23- story , 310-foot (94 m) Agency towers. On the east side is the Egg (Meeting Center) and the 44-floor (589-foot (180 m)) Erastus Corning Tower , which has an observation deck on

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4160-505: The foreign currency may appear to potential investors to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets. A downside is that the government loses the option to reduce its bond liabilities by inflating its domestic currency. The proceeds from the issuance of these bonds can be used by companies to break into foreign markets, or can be converted into

4240-508: The form of rent for a plaza that was officially county property. Ownership was then to be transferred to the state in exchange for regular payments in lieu of taxes. Control of the bond issues gave Corning and party boss Daniel P. O'Connell influence when dealing with the Republican governor. The bonds were paid in 2001 and the state assumed ownership, though it required years of paperwork to change title. The state obtained possession of

4320-550: The issuer has no further obligations to the bond holders after the maturity date. The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date (irredeemable). In

4400-413: The issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a premium (above par, usually because market interest rates have fallen since issue), or at a discount (price below par, if market rates have risen or there is a high probability of default on the bond). Bonds can be categorised in several ways, such as the type of issuer,

4480-431: The issuing company's local currency to be used on existing operations through the use of foreign exchange swap hedges. Foreign issuer bonds can also be used to hedge foreign exchange rate risk. Some foreign issuer bonds are called by their nicknames, such as the "samurai bond". These can be issued by foreign issuers looking to diversify their investor base away from domestic markets. These bond issues are generally governed by

4560-496: The law of the market of issuance, e.g., a samurai bond, issued by an investor based in Europe, will be governed by Japanese law. Not all of the following bonds are restricted for purchase by investors in the market of issuance. The market price of a bond is the present value of all expected future interest and principal payments of the bond, here discounted at the bond's yield to maturity (i.e. rate of return ). That relationship

4640-422: The length of the term and the creditworthiness of the issuer. These factors are likely to change over time, so the market price of a bond will vary after it is issued. (The position is a bit more complicated for inflation-linked bonds.) The interest payment ("coupon payment") divided by the current price of the bond is called the current yield (this is the nominal yield multiplied by the par value and divided by

4720-406: The market for United States Treasury securities, there are four categories of bond maturities: The coupon is the interest rate that the issuer pays to the holder. For fixed rate bonds , the coupon is fixed throughout the life of the bond. For floating rate notes , the coupon varies throughout the life of the bond and is based on the movement of a money market reference rate (historically this

4800-423: The markets. The price can be quoted as clean or dirty . "Dirty" includes the present value of all future cash flows, including accrued interest, and is most often used in Europe. "Clean" does not include accrued interest, and is most often used in the U.S. The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount. The net proceeds that

4880-415: The northern end and Elm Street below Madison. The area in and around the seized area had long been home to immigrants and their churches. Five churches operated in the area in the years just before its seizure by the state. Holy Cross, a German national Catholic church founded in 1850, was at the corner of Hamilton and Philip streets. Due to declining numbers, it relocated in 1959 to Western and Brevator on

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4960-601: The offices at the plaza are the Department of Health and the Biggs Laboratory of the Wadsworth Center . The Empire State Art Collection, a major public collection of 1960s and 1970s monumental abstract artworks, is on permanent display throughout the site. The New York State Office of General Services maintains the plaza. The Nelson A. Rockefeller Empire State Plaza Performing Arts Center Corporation

5040-441: The ownership of the instrument can be transferred in the secondary market . This means that once the transfer agents at the bank medallion-stamp the bond, it is highly liquid on the secondary market. The price of a bond in the secondary market may differ substantially from the principal due to various factors in bond valuation . Bonds are often identified by their international securities identification number, or ISIN , which

5120-400: The plaza are as follows: The complex was the subject of significant controversy around the time of its construction. About 7,000 people were evicted under eminent domain , mostly from working-class and poorer sections of older Albany. The construction of the plaza occurred during the decline of Albany's downtown shopping district, and the massive displacement of population allegedly hastened

5200-493: The plaza complex, including some with direct access to a bus station in the underground Concourse. Those routes that stop inside the plaza loop are: 214, 224, 233, 519, 523, 524, 525, 540, and 560. There are also 2 routes that stop at Madison avenue outside the plaza, right in front of the NYS Library, routes 21 and 114. The Concourse is Albany's " Underground City " with food courts, a former McDonald's restaurant, banks,

5280-436: The plaza was a major problem, since a bond issue for an Albany project would almost certainly have been disapproved by the statewide electorate. Despite the displacement of thousands of loyal political voters, Albany Mayor Erastus Corning worked with Rockefeller to engineer a funding scheme that used Albany County bonds instead of state bonds. During repayment, the state guaranteed the principal and interest payments in

5360-553: The plaza, and connecting to the also-cancelled Mid-Crosstown Arterial, which would have extended from I-90 Exit 6, through the city, traveling underneath Washington Park, meeting with the South Mall Expressway in the process, and continuing on to the New York State Thruway at Exit 23. The current South Mall Arterial ends abruptly in a loop at Swan Street, with both eastbound and westbound lanes using

5440-439: The price). There are other yield measures that exist such as the yield to first call, yield to worst, yield to first par call, yield to put, cash flow yield and yield to maturity. The relationship between yield and term to maturity (or alternatively between yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds derives the yield curve , a graph plotting this relationship. If

5520-425: The process. Numerous restaurants, specialty shops, two major department stores, and downtown's last movie theater had shuttered by the end of construction. The majority of the displaced residents had not owned cars, and they had shopped locally. The construction of the elevated plaza separated the largely residential neighborhoods surrounding Washington Park and points west, from the largely commercial streets between

5600-547: The project should save the state $ 2.7 million in annual energy costs and cut down on greenhouse emissions . The project will use natural gas-fired turbine generators . The Empire State Plaza consists of various steel and reinforced concrete buildings, all clad in imported stone (except The Egg, which fully exposes its concrete structure). The buildings are placed on a 6-story stone-clad Main Platform, supported by more than 25,000 steel pilings driven an average of 70 feet (21 m) into soft glacial clay deposits underlying

5680-440: The public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The overall rate of return on the bond depends on both the terms of the bond and the price paid. The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market. In the case of an underwritten bond, the underwriters will charge a fee for underwriting. An alternative process for bond issuance, which

5760-416: The same time, the African American population had doubled in the downtown census tracts between 1950 and 1960. At the time of the State's 1962 seizure, the largest ethnic group in the entire area was African American, at about 14% of the total population. First and second generation Italian Americans made up about 10% of the area's population. The 98-acre area was made up of several distinct neighborhoods. To

5840-525: The site. The exterior columns and narrow windows of the buildings resemble the style of the World Trade Center towers in New York City, which were completed around the same time. The placement of starkly abstract geometric building forms on a monolithic plaza is said to represent Rockefeller's concept of architecture as similar to sculpture. The plaza as a whole is an example of Modern architecture , with all buildings but The Egg being built in

5920-485: The south, clustered around Madison and Grand streets was the heart of Albany's Italian American community. Although only about half of Little Italy was seized by the State, the demolition and subsequent noise and dirt associated with the construction of the Empire State Plaza led many residents to move, even if their homes were not appropriated. To the north lay Albany's rooming house district, centered on Jay, Lancaster, and Hudson streets between Eagle and S. Swan. About 10% of

6000-529: The trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory", i.e. holds it for their own account. The dealer is then subject to risks of price fluctuation. In other cases, the dealer immediately resells the bond to another investor. Bond markets can also differ from stock markets in that, in some markets, investors sometimes do not pay brokerage commissions to dealers with whom they buy or sell bonds. Rather,

6080-559: The trading price and others add it on separately when settlement is made.) The price including accrued interest is known as the "full" or " dirty price ". ( See also Accrual bond .) The price excluding accrued interest is known as the "flat" or " clean price ". Most government bonds are denominated in units of $ 1000 in the United States , or in units of £100 in the United Kingdom . Hence, a deep discount US bond, selling at

6160-578: The two outer portals of the four-portal tunnel leading under the plaza. (The inner two were to be express lanes to the Mid-Crosstown Arterial/SME interchange underneath the park.) The only evidence of the original Mid-Crosstown Arterial is the four level stack interchange for I-90 at present day US 9 . There are multiple parking lots within the lower levels of the Main Platform. There are several CDTA bus routes serving

6240-562: Was designed to be appreciated from across the Hudson River , as the dominant feature of the Albany skyline. When the State of New York seized the area in March 1962, it was home to about 7,000 residents according to the 1960 US Census. Like urban cores in most other American cities in the Northeast and Midwest, downtown Albany had seen sharp declines in white population, downtown retail activity, and hotel occupancy rates since World War II. At

6320-523: Was embarrassed. He later said, "there's no question that the city did not look as I think the Princess thought it was going to". Rockefeller conceived the basic design of the complex with architect Wallace Harrison in flight aboard the governor's private plane. Rockefeller doodled his ideas in pen on the back of a postcard, and Harrison revised them. They used the vast scope and style of Brasilia , Versailles and Chandigarh as models. The massive scale

6400-528: Was generally LIBOR , but with its discontinuation the market reference rate has transitioned to SOFR ). Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment. On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid electronically. Interest can be paid at different frequencies: generally semi-annual (every six months) or annual. The yield

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