NYW Logo
 The Official Home Page of The NYC Municipal Water Finance Authority
 Home
About Us
Annual Reports

Governing Documents

Links
Contact Us

 

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.

NYW has issued $400 million of extendible municipal commercial paper notes Series 7, $400 million of extendible municipal commercial paper notes Series 8, $400 million of commercial paper notes Series 1 and $600 million of commercial paper notes Series 6.

On September 23, 2010, NYW issued $750 million in new money taxable fixed rate bonds under the Second General Resolution. The Fiscal 2011 Series AA bonds were issued as Build America Bonds.

On September 30, 2010, NYW issued $210.04 million in fixed rate tax-exempt refunding bonds under the Second General Resolution. The 2011 Series BB bonds refunded the 1999 Series A and a portion of the 2001 Series D First Resolution bonds.

On November 18, 2010, NYW issued $750 million in new money taxable fixed rate bonds under the Second General Resolution. The Fiscal 2011 Series CC bonds were issued as Build America Bonds.

On November 18, 2010, NYW issued $275 million of variable rate, tax-exempt bonds under the Second General Resolution. The Fiscal 2011 Series DD bonds were issued to refund $200 million of the Authority’s Commercial Paper Series 5 A and B notes. The remaining portion was used for new money purposes. The Authority will not reissue its Commercial Paper Series 5A and 5B notes.

On January 27, 2011, NYW issued $450 million of Fiscal 2011 Series EE bonds. The bonds were issued as new money tax-exempt fixed rate bonds under the Second General Resolution.

On March 3, 2011, NYW issued $200 million of Fiscal 2011 Series FF bonds. The bonds were issued as new money tax-exempt variable rate bonds under the Second General Resolution.

On March 31, 2011 NYW issued $541.8 million of tax-exempt fixed rate bonds under the Second General Resolution. Included in this issuance was $250 million in new money and $291.81 million in refunding bonds. The bonds refunded a portion of the 2001 Series D, 2001 Series E, 2002 Series B, 2002 Series C, 2002 Series D, 2002 Series E, 2002 Series F and 2003 Series D First Resolution bonds.

On June 17, 2011 NYW issued $564.52 million and $114.24 million of its Fiscal 2011 Series 1 and Series 2 fixed-rate bonds to the New York State Environmental Facilities Corporation (EFC) under the Second General Resolution. The bonds included $477.88 million in new money and $199.88 million in refunding bonds. The 2011 Series 1 and 2 Second General Resolution bonds refunded the 2002 Series 1 and Series 2 bonds issued to EFC.

On June 23, 2011, NYW issued $662.25 million in of tax-exempt fixed rate refunding bonds. The 2011 Series HH Second General Resolution bonds refunded the 2001 Series D, 2001 Series E, 2002 Series A, 2002 Series B, 2002 Series C, 2002 Series E, 2002 Series F First Resolution Bonds and a portion of the 2002 Series G, 2003 Series A and 2003 Series D First Resolution 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.