Governing Documents

NEW YORK CITY
MUNICIPAL WATER FINANCE AUTHORITY

CURRENT ACTIVITIES, OPERATIONS AND ACCOMPLISHMENTS

The operations of the New York City Municipal Water Finance Authority (“NYW”) consist of executing the requirements of its indenture and other governing documents. NYW finances the ongoing capital needs of the water and sewer system of the City of New York (the “System”) with proceeds from the issuance of commercial paper notes and long-term bonds.  The Authority uses these proceeds to reimburse the City of New York’s general fund for capital expenditures incurred on behalf of the System. NYW complies with federal tax law to preserve the tax exemption of its debt. NYW also maintains various contractual obligations necessary to achieve efficient and cost-effective financing and administers its outstanding debt and investments portfolio by monitoring and directing application of funds to meet debt service on its bonds and commercial paper notes.

Despite highly volatile market conditions, NYW has closed nine long-term bond transactions and has issued $200 million of tax-exempt extendible municipal commercial paper notes Series 8 and $100 million of extendible municipal commercial paper notes Series 7 in Fiscal Year 2009.
 
On July 23, 2008, after closely monitoring developments in the auction rate market, NYW refunded its remaining auction rate bonds by issuing $334 million of fixed rate Fiscal 2009 Series AA Second General Resolution Bonds.

On August 7, 2008, NYW closed two new money bond series including $200.9 million of variable rate Fiscal 2009 Series BB and $150.1 million of fixed rate Fiscal 2009 Series CC Second General Resolution Bonds.

On October 29, 2008, NYW issued $536 million of fixed rate new money bonds. The Fiscal 2009 Series A Bonds were issued under the General Resolution.
           
On December 11, 2009, NYW issued $325.6 million in fixed rate new money bonds.  The Fiscal 2009 Series DD Bonds were issued under the Second General Resolution.

On January 29, 2009, NYW issued $645.46 million in fixed rate bonds. The Fiscal 2009 Series EE Bonds were issued under the Second General Resolution.  This bond issue included $460 million in new money bonds and $185.5 million to refund a portion of the 2003 Series C First Resolution bonds.

On February 26, 2009, NYW issued $362.8 million in fixed rate bonds under the Second General Resolution.  The Fiscal 2009 Series FF bonds included $270 million in new money bonds and $92.8 million to refund a portion of the 2003 Series C First Resolution bonds.

On April 2, 2009, NYW issued $448.4 million in new money fixed rate second resolution bonds to the New York State Environmental Facilities Corporation. 

On June 17, 2009, NYW issued $500 million in new money fixed rate bonds. The Fiscal 2009 Series GG Bonds were issued under the Second General Resolution.

Additional information about NYW’s commercial paper program and its long-term debt can be found in the Investor Information section of this website.