Date: October 3, 2001
Contact: Raymond J. Orlando, Director of Investor Relations
646-458-2060

NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
SELLS $71 MILLION IN NEW MONEY BONDS THROUGH THE NYS ENVIRONMENTAL FACILITIES CORPORATION STATE REVOLVING FUND AFTER STANDARD & POOR'S RATINGS UPGRADE TO TRIPLE-A

The New York City Municipal Water Finance Authority ("NYW") today announced the successful sale of $71 million of tax-exempt fixed-rate Fiscal 2002 Series 2 Bonds through the New York State Environmental Facilities Corporation ("EFC") State Revolving Fund ("SRF") by competitive bid through the Thomson Parity system. Prior to the sale, Standard & Poor's raised the rating on the EFC bonds for NYW to AAA. The yields today ranged from 5 to 10 basis points below the MMD Triple-A Scale in most maturities to 0 to 5 basis points below the MMD Triple-A Scale in two later maturities. For more information about the EFC bonds, please contact James T. Gebhardt, Chief Financial Officer at EFC at (518) 457-0886.

The bid was won by Goldman, Sachs with a total interest cost (TIC) of 4.66%. The structure of the bond sale included serial bonds from 2002 through 2021, and term bonds maturing in 2026 and 2031. Yields-to-maturity ranged from 2.0% percent in 2002 to 5.01% in 2031. NYW will use the proceeds of today's sale to defease outstanding commercial paper.

Moody's Investors Service rates NYW EFC bonds at Aaa, Standard & Poor's rates NYW EFC bonds at AAA, and Fitch, Inc. rates NYW EFC bonds at AAA. The bonds which NYW places with EFC as an element of the security for its bonds are unrated Second Resolution bonds of NYW.

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