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NEW YORK CITY
MUNICIPAL WATER FINANCE AUTHORITY

CURRENT ACTIVITIES, OPERATIONS AND ACCOMPLISHMENTS

 

FISCAL YEAR 2010 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.

NYW has issued $300 million of tax-exempt extendible municipal commercial paper notes Series 7, $200 million of extendible municipal commercial paper notes Series 8, $400 million of commercial paper notes Series 1, $200 million of commercial paper notes Series 6, and $100 million of commercial paper notes Series 5B in Fiscal Year 2010.

On November 5, 2009, NYW issued $504.24 million in new money fixed rate bonds under the Second General Resolution. The Fiscal 2010 Series AA bonds were issued as Build America Bonds.

On November 5, 2009, NYW issued $218.82 million in refunding bonds under the Second General Resolution. The 2010 Series BB bonds refunded a portion of the 1998 Series D, 1999 Series A and 1999 Series B First Resolution bonds.

On December 16, 2009, NYW issued $200 million under the Second General Resolution. Fiscal 2010 Series CC bonds were issued as variable rate demand obligations.

On February 3, 2010, NYW issued $400 million in new money fixed rate bonds under the Second General Resolution. The Fiscal 2010 Series DD bonds were issued as Build America Bonds.

On February 11, 2010, NYW issued $406.7 million in new money fixed rate second resolution bonds to the New York State Environmental Facilities Corporation.

On March 18, 2010, NYW issued $500 million in new money fixed rate bonds under the Second General Resolution. The Fiscal 2010 Series EE bonds were issued as Build America Bonds.

On March 25, 2010, NYW issued $359.11 million in refunding bonds under the Second General Resolution. The 2010 Series FF bonds refunded a portion of the 1998 Series D, 1999 Series B, 2001 Series B and 2003 Series D First Resolution bonds.

On June 30, 2010, NYW issued $554.045 million in new money fixed rate bonds under the Second General Resolution. The Fiscal 2010 Series GG bonds were issued as Build America Bonds.

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