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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, $391.6 million of extendible municipal commercial paper notes Series 8, $586.7 million of commercial paper notes Series 1 and $400 million of commercial paper notes Series 6.

On September 22, 2011, NYW issued $450,900,000 of new money and refunding tax-exempt fixed rate Second Resolution bonds, Fiscal 2012 Series AA Bonds.  The new money bonds included a term bond maturing in 2044.  The Authority used the new money bond proceeds to pay for new money projects and to pay the costs of issuance of the bonds.  The refunding bonds refunded portions of NYW’s outstanding First Resolution 2001C and 2002G bonds.  The refunding bonds included serial bonds maturing from 2032 through 2034.

On September 29, 2011, NYW issued $200 million of new money tax-exempt adjustable rate bonds under its First General Resolution, Fiscal 2012 Series A-1 and A-2 bonds.  The bonds are backed by a standby bond purchase agreement from a bank.  These bonds will mature in 2044 and were used to refund the Authority’s commercial paper notes. 

Additionally, on September 29, 2011, EFC entered into an agreement to provide NYW a direct loan in an amount up to $30 million.  NYW expects to receive these funds to pay for certain capital projects over the next several years.  As of June 30, 2012, NYW has not drawn on this loan.

On November 29, 2011, NYW issued $450 million of new money tax-exempt fixed rate Second Resolution Revenue bonds, Fiscal 2012 Series BB.  This bond issue included term bonds maturing in 2039 and 2044.  The Authority used proceeds to pay for new money projects, refund commercial paper notes, and to pay the costs of issuance of the bonds.    

On January 30, 2012, NYW issued $350 million of new money tax-exempt fixed rate Second Resolution Revenue bonds, Fiscal 2012 Series CC and $50 million of Fiscal 2012 Series DD bonds.  The Series CC bond issue included a term bond maturing in 2045 and the Series DD bond issue included two refundable principal installment bonds maturing in 2018 and 2027.  The Authority used the proceeds to pay for new money projects, refund commercial paper notes, and to pay the costs of issuance of the bonds.    

On March 19, 2012, NYW issued $522,505,000 of new money and refunding tax-exempt fixed rate Second Resolution Revenue Bonds, Fiscal 2012 Series EE bonds.  The new money bonds included a term bond maturing in 2045.  The refunding bonds refunded portions of NYW’s outstanding First Resolution 2001 A, 2004 B, and 2004 C bonds and NYW’s outstanding Second Resolution 2007 DD bonds.  The refunding bonds included serial bonds maturing from 2019 through 2039.  The Authority used the new money bond proceeds to refund commercial paper issuance and to pay the costs of issuance of the bonds. 

On March 27, 2012, NYW issued $325 million of new money tax-exempt adjustable rate First Resolution Revenue Bonds, Fiscal 2012 Series B bonds.  The Series B bonds mature in 2045.  The Authority used proceeds to finance capital improvements to the System, refund commercial paper notes, and to pay the costs of issuance of the bonds.

On May 31, 2012, NYW issued $669,375,000 of second resolution fixed-rate, refunding, Fiscal 2012 Series 2 & 3 bonds to EFC.  The source of funds to NYW for its Series 2 bonds was from tax-exempt bonds issued by EFC (2012 A).  The source of funds for NYW’s Series 3 bonds was SRF program funds.  All proceeds from the issuance will refund the entire par amount outstanding of EFC’s 2002 B, D, and J bonds (except for the 2012 maturity in each series) – and NYW’s Fiscal 2002 Series 3, 4 and 5 bonds and its 2003 Series 1 bonds, issued to EFC as security for EFC bonds being refunded. 

On June 28, 2012, NYW issued $611,745,000 of new money and refunding tax-exempt fixed rate Second Resolution Revenue bonds, Fiscal 2012 Series FF and $50 million of new money tax-exempt fixed rate Fiscal 2012 Series GG bonds.  The 2012 Series FF bond issue refunded $33.3 million of 2003 Series A, $41.3 million of 2004 Series C, and $147.9 million of 2005 Series B.  The 2012 Series GG bond issue included two refundable principal installment bonds maturing in 2017 and 2019.  The Authority used the new money bond proceeds to finance capital improvements to the System, refund commercial paper notes, and to pay the costs of issuance of the 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.