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NYW Press Release
Date: June 5, 2002
Contact: Raymond J. Orlando, Director of Investor Relations
212-788-5875

NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY ANNOUNCES NEW MONEY AND REFUNDING FINANCINGS

The New York City Municipal Water Finance Authority (the "NYW") announced today that it intends to sell approximately $700 million of fixed-rate tax-exempt bonds on June 18, 2002 and approximately $300 of variable rate demand bonds on or about July 10. Both the fixed rate tax-exempt bonds and the variable rate tax-exempt bonds are expected to close on or about July 10.

The combined $1 billion of NYW bonds will include approximately $300 million of tax-exempt new money bonds and approximately $700 million of tax-exempt current refunding bonds. The sale of the fixed rate bonds will be preceded by a two day retail order period beginning Friday, June 14 and ending Monday afternoon, June 17. The financing will use NYW's recently announced underwriting syndicate, with UBS Paine Webber serving as book-running senior manager for the fixed-rate bonds. Merrill Lynch & Co., First Albany and Goldman Sachs will serve as co-senior managers.

The $300 million of variable rate bonds will be issued on or about July 10. Merrill Lynch will remarket approximately $150 million and First Albany and Goldman Sachs will each remarket approximately $75 million of these tax-exempt variable rate demand bonds.

NYW also announced today additional bond transactions for the fall. In September, NYW expects to issue $300 million in tax-exempt variable rate bonds. At that time, NYW may issue additional fixed-rate tax-exempt refunding bonds. A smaller NYW transaction through the New York State Environmental Facilities Corporation, approximately $200 million in size, is also expected in September.

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

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