Date: Tuesday, June 23 , 2004
Release No. 062304
Contact: Raymond J. Orlando, Dir. of Investor Relations 212-788-5875

NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES DETAILS OF UPCOMING BOND SALE

The New York City Municipal Water Finance Authority (“NYW”) announced today that it intends to sell approximately $150 million of Fiscal 2005 Series A fixed-rate tax-exempt new money bonds on July 20, 2004. The financing will use NYW’s underwriting syndicate, with Siebert Brandford Shank & Co. LLC. serving as book-running senior manager for the transaction with First Albany Corporation, Goldman, Sachs & Co., Merrill Lynch & Co. and UBS Financial Services Inc. serving as co-senior managers. Siebert Brandford Shank & Co. LLC was identified in the NYW RFP process concluded in 2002 as a special-bracket senior manager eligible to serve as a book-running senior manager for a bond sale.

The following week, the New York State Environmental Facilities Corporation will be selling approximately $240 million in tax-exempt fixed-rate new money bonds on behalf of NYW.

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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