Date: Date: April 19, 2005
Release No. 041905

Contact: Raymond J. Orlando, Dir. of Investor Relations 212-788-5875

NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
SELLS $559 MILLION IN TAX-EXEMPT BONDS

The New York City Municipal Water Finance Authority (“NYW”) today announced the successful sale of its $559 million tax-exempt, fixed-rate Fiscal 2005 Series D Bonds.

The structure included uninsured term bonds in 2037, 2038 and 2039 at final yields of 4.56%, 4.58% and 4.59% respectively. A $48.5 million portion of the 2039 maturity was insured by AMBAC and priced to yield 4.5%. Yields were reduced by 1 to 4 basis points in certain maturities at the final pricing.

UBS Financial Services Inc. was the book-running senior manager on the bonds, with First Albany Corporation, Goldman, Sachs, and Merrill Lynch & Co. serving as co-senior managers on today’s transaction.

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

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