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NYW Press Release
Date: April 10, 2001


The New York City Municipal Water Finance Authority ("NYW") announced today its forward financing calendar through the summer of 2001. NYW expects to sell approximately $680 million of combined refunding and new money fixed-rate and variable-rate tax-exempt bonds to close on May 8, 2001. Merrill Lynch & Co. will serve as the book-running Senior Manager on approximately $400 million in fixed-rate tax-exempt refunding bonds to be priced on Wednesday April 18, 2001. Approximately $280 million will be advance refunding bonds, and approximately $120 million will be crossover refunding bonds. Also serving as co-senior managers on the fixed-rate refunding bonds will be First Albany Corporation and UBS PaineWebber Inc. In addition, First Albany Corporation will serve as book-running Senior Manager on $100 million in fixed-rate tax-exempt new money bonds, which will also be priced on April 18. Also serving as co-senior managers on these bonds will be Merrill Lynch & Co. and UBS PaineWebber Inc. First Albany Corporation will also serve as sole placement and remarketing agent on approximately $180 million in variable-rate current refunding bonds, to be priced on or about the closing date. NYW intends to have a one-day pre-sale retail order period on Tuesday, April 17, 2001 for the $500 million tax-exempt fixed-rate portion of the bond sale.

This summer, NYW also intends to sell $200 million in new money tax-exempt bonds to the public in June or July, 2001, with UBS PaineWebber Inc. serving as the book-running Senior Manager. Also serving as co-senior managers on these bonds will be First Albany Corporation and Merrill Lynch & Co. In the same month this summer, NYW also expects to issue $200 million in new money fixed-rate tax-exempt bonds through the New York State Environmental Facilities Corporation (EFC). The book-running Senior Manager for this issue will be determined by EFC.

Moody's Investors Service rates NYW at Aa2, Standard & Poor's rates NYW at AA, and Fitch, Inc. rates NYW at AA.

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