# Debt Service
New York City sells bonds to finance the construction and repair of infrastructure projects such as roads, bridges, schools, water supply and wastewater treatment systems, so that New York continues to be a great place to live, work and visit. Projects are determined through the City’s capital budgeting process and must have useful lives of five years or longer to be funded by debt.
New York City also issues bonds to refinance outstanding bonds for interest savings. These refundings are strictly economic and do not extend the final maturity of the debt or cause increases in debt expense in any year.
program_outcome: Access to Capital