Date: April 17, 2001

NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
POSTPONES PLANNED BOND FINANCING

The New York City Municipal Water Finance Authority ("NYW") announced today that it was postponing its planned $680 million of combined refunding and new money fixed-rate and variable-rate tax-exempt bond financing scheduled to close on May 8, 2001, due to market conditions. NYW will continue to monitor market conditions on a day-to-day basis over the next few days and weeks to identify ongoing opportunities for the proposed bond sale.

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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