Wells Fargo Securities - MTA

NEW ISSUE

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$863,860,000 METROPOLITAN TRANSPORTATION AUTHORITY

Transportation Revenue Bonds, Series 2016C consisting of

$534,200,000 Subseries 2016C1

(Fixed Rate)

$329,660,000 Subseries 2016C2

consisting of

$56,120,000 Subseries 2016C2a

(Fixed Rate)

$273,540,000 Subseries 2016C2b (Mandatory Tender Bonds)

DATED: Date of Delivery

DUE: November 15, as shown on the inside cover pages

The Metropolitan Transportation Authority's (MTA) Transportation Revenue Bonds, Subseries 2016C-1 (the Subseries 2016C-1 Bonds) are being issued to retire the Transportation Revenue Bond Anticipation Notes, Subseries 2015B-1. The Transportation Revenue Refunding Bonds, Subseries 2016C-2a and the Transportation Revenue Refunding Bonds, Subseries 2016C-2b (collectively, the Subseries 2016C-2 Bonds, and together with the Subseries 2016C-1 Bonds, the Series 2016C Bonds) are being issued to refinance certain outstanding indebtedness issued by MTA for transit and commuter projects.

The Series 2016C Bonds --

? are MTA's special, not general, obligations, payable solely from the revenues of the transit and commuter systems and other sources pledged to Owners as described in this official statement, and

? are not a debt of the State of New York (the State) or The City of New York (the City) or any other local government unit.

MTA has no taxing power.

In the opinion of Nixon Peabody LLP and D. Seaton and Associates, P.A., P.C., Co-Bond Counsel to MTA, under existing law and relying on certain representations by MTA and assuming the compliance by MTA with certain covenants, interest on the Series 2016C Bonds is:

? excluded from an Owner's federal gross income under Section 103 of the Internal Revenue Code of 1986, and

? not a specific preference item for an Owner in calculating the federal alternative minimum tax, but

? included in the adjusted current earnings of certain corporations in calculating the federal corporate alternative minimum tax.

Also in Co-Bond Counsel's opinion, under existing law, interest on the Series 2016C Bonds is exempt from personal income taxes of the State and any political subdivisions of the State, including the City. See "TAX MATTERS" herein for a discussion of certain federal and State income tax matters.

The Subseries 2016C-1 Bonds and the Subseries 2016C-2a Bonds will bear interest at the rates shown on the inside cover pages hereof.

The Subseries 2016C-2b Bonds constitute Variable Interest Rate Obligations and will bear interest at the Term Rate from their date of delivery as set forth on the inside cover pages hereof. The Subseries 2016C-2b Bonds are subject to mandatory tender for purchase on the Mandatory Purchase Date. MTA reserves the right to convert any of the Subseries 2016C-2b Bonds to a Commercial Paper Mode, Daily Mode, Weekly Mode, Fixed Rate Mode or another Term Rate Mode, and, in connection therewith, to change the principal amount of the Subseries 2016C-2b Bonds. Such right shall not occur prior to the Mandatory Purchase Date. This official statement is not intended to describe the Subseries 2016C2b Bonds from and after the Mandatory Purchase Date.

The Series 2016C Bonds are subject to redemption prior to maturity as described herein.

The Series 2016C Bonds are offered when, as, and if issued, subject to certain conditions, and are expected to be delivered through the facilities of The Depository Trust Company, on or about July 28, 2016.

This cover page contains certain information for general reference only. It is not intended to be a summary of the security or terms of the Series

2016C Bonds. Investors are advised to read the entire official statement, including all portions hereof included by specific cross-reference, to obtain information essential to making an informed decision.

Drexel Hamilton, LLC

BofA Merrill Lynch J.P. Morgan Morgan Stanley

Academy Securities Inc. Duncan-Williams, Inc. KeyBanc Capital Markets Inc. Oppenheimer & Co. Raymond James Stifel

July 21, 2016

Wells Fargo Securities

Estrada Hinojosa & Company, Inc. Rice Financial Products Company BNY Mellon Capital Markets Joint Co-Senior Managers

Citigroup Jefferies Ramirez & Co., Inc. Siebert Brandford Shank & Co., L.L.C.

Goldman, Sachs & Co. Loop Capital Markets RBC Capital Markets

Barclays Fidelity Capital Markets

M&T Securities, Inc. Piper Jaffray & Co. Roosevelt & Cross, Incorporated

TD Securities The Williams Capital Group, L.P.

Cabrera Capital Markets, LLC Janney Montgomery Scott Mesirow Financial, Inc. PNC Capital Markets LLC Stern Brothers & Co.

U.S. Bancorp Investments, Inc.

Maturity (November 15)

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

$863,860,000 Metropolitan Transportation Authority Transportation Revenue Bonds, Series 2016C

consisting of

$534,200,000 Transportation Revenue Bonds, Subseries 2016C-1 (Fixed Rate)

$192,135,000 Serial Bonds

Principal Amount $ 4,850,000 4,995,000 5,245,000 5,455,000 5,675,000 5,955,000 6,255,000 6,570,000 6,895,000 7,240,000 7,530,000 7,905,000 8,305,000 8,720,000 9,155,000 9,610,000 10,090,000 10,595,000 11,125,000 11,680,000 12,265,000 12,755,000 13,265,000

Interest Rate 3.00% 5.00 4.00 4.00 5.00 5.00 5.00 5.00 5.00 4.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 4.00 4.00 5.00

Yield 0.60%

0.70

0.84

0.99

1.14

1.30

1.47

1.58

1.71

1.83 1.92 2.06 2.12 2.17 2.25 2.30 2.35 2.40 2.44 2.48 2.73 2.74 2.52

CUSIP Number* (59261A) GN1 GP6 GQ4 GR2 GS0 GT8 GU5 GV3 GW1 GX9 GY7 GZ4 HA8 HB6 HC4 HD2 HE0 HF7 HG5 HH3 HM2 HQ3 HN0

$342,065,000 Term Bonds $28,415,000 4.00% Subseries 2016C-1 Term Bond due November 15, 2041, Priced to Yield: 2.77%

CUSIP Number* 59261A HJ9 $25,700,000 5.00% Subseries 2016C-1 Term Bond due November 15, 2046, Priced to Yield: 2.58%

CUSIP Number* 59261A HK6 $30,000,000 4.00% Subseries 2016C-1 Term Bond due November 15, 2046, Priced to Yield: 2.82%

CUSIP Number* 59261A HR1 $25,885,000 3.00% Subseries 2016C-1 Term Bond due November 15, 2046, Priced to Yield: 3.11%

CUSIP Number* 59261A HS9 $100,000,000 5.00% Subseries 2016C-1 Term Bond due November 15, 2056, Priced to Yield: 2.79%

CUSIP Number* 59261A HL4 $132,065,000 5.25% Subseries 2016C-1 Term Bond due November 15, 2056, Priced to Yield: 2.71%

CUSIP Number* 59261A HP5

The Subseries 2016C-1 Bonds are subject to optional and mandatory redemption as described under the caption "DESCRIPTION OF SUBSERIES 2016C-1 BONDS ? Redemption Prior to Maturity" in Part I. The following summarizes the optional redemption provisions: the Subseries 2016C-1 Bonds maturing on and after November 15, 2027, are subject to redemption prior to maturity on any date on and after November 15, 2026 at the option of MTA, in whole or in part at 100% of the principal amount thereof, together with accrued interest thereon up to but not including the redemption date.

_____________________________________ * CUSIP numbers have been assigned by an organization not affiliated with MTA and are included solely for the convenience of the holders of the Series 2016C

Bonds. MTA is not responsible for the selection or uses of these CUSIP numbers, nor is any representation made as to their correctness on the Series 2016C Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2016C Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series 2016C Bonds. Priced at the stated yield to the November 15, 2026 optional redemption date at a redemption price of 100%.

Maturity (November 15)

2038

2038

$329,660,000 Transportation Revenue Refunding Bonds, Subseries 2016C-2

consisting of

$56,120,000 Serial Bonds Subseries 2016C-2a (Fixed Rate)

Principal Amount $ 26,390,000

29,730,000

Interest Rate 3.00%

4.00

Yield

3.00% 2.74

CUSIP Number* (59261A) HT7

HU4

Mandatory Purchase Date February 15, 2020

$273,540,000 Term Bonds Subseries 2016C-2b

(Mandatory Tender Bonds) Maturing November 15, 2034

Interest Rate 5.00%

Yield 1.16%

CUSIP Number* (59261A) HV2

The Subseries 2016C-2 Bonds are subject to optional and mandatory redemption as described under the caption "DESCRIPTION OF SUBSERIES 2016C-2 BONDS ? Tender and Redemption Provisions for the Subseries 2016C-2 Bonds" in Part I. The following summarizes the optional redemption provisions: the Subseries 2016C-2a Bonds are subject to redemption prior to maturity on any date on and after November 15, 2026, at the option of MTA, in whole or in part at 100% of the principal amount thereof, together with accrued interest thereon up to but not including the redemption date; the Subseries 2016C-2b Bonds are subject to redemption prior to maturity on any date on and after February 15, 2020, at the option of MTA, in whole or in part at 100% of the principal amount thereof, together with accrued interest thereon up to but not including the redemption date.

_____________________________________ * CUSIP numbers have been assigned by an organization not affiliated with MTA and are included solely for the convenience of the holders of the Series 2016C

Bonds. MTA is not responsible for the selection or uses of these CUSIP numbers, nor is any representation made as to their correctness on the Series 2016C Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2016C Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series 2016C Bonds.

Priced at the stated yield to the November 15, 2026 optional redemption date at a redemption price of 100%.

Priced to the February 15, 2020 Mandatory Purchase Date.

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Metropolitan Transportation Authority 2 Broadway, 20th Floor

New York, New York 10004 (212) 878-7000

Website:

Thomas F. Prendergast ............................................................................. Chairman and Chief Executive Officer Fernando Ferrer...............................................................................................................................Vice-Chairman Andrew B. Albert ................................................................................................................. Non-Voting Member John H. Banks III .......................................................................................................................................Member Norman E. Brown ................................................................................................................ Non-Voting Member Ira R. Greenberg .................................................................................................................. Non-Voting Member David Jones................................................................................................................................................Member Susan G. Metzger.......................................................................................................................................Member Charles G. Moerdler ..................................................................................................................................Member John J. Molloy ...........................................................................................................................................Member Mitchell H. Pally........................................................................................................................................Member John Samuelson .................................................................................................................... Non-Voting Member Andrew Saul ..............................................................................................................................................Member Lawrence Schwartz....................................................................................................................................Member Vincent Tessitore, Jr. ........................................................................................................... Non-Voting Member Polly Trottenberg .......................................................................................................................................Member Veronica Vanterpool..................................................................................................................................Member James Vitiello ............................................................................................................................................Member Peter Ward .................................................................................................................................................Member Carl V. Wortendyke...................................................................................................................................Member Neal Zuckerman.........................................................................................................................................Member

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Robert E. Foran.................................................................................................................. Chief Financial Officer Donna Evans ..................................................................................................................................... Chief of Staff Jerome F. Page, Esq. .................................................................................................................... General Counsel Patrick J. McCoy......................................................................................................................... Director, Finance

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NIXON PEABODY LLP New York, New York and

D. SEATON AND ASSOCIATES, P.A., P.C. New York, New York Co-Bond Counsel

PUBLIC FINANCIAL MANAGEMENT, INC. New York, New York Financial Advisor

HAWKINS DELAFIELD & WOOD LLP New York, New York

Special Disclosure Counsel

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