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NYW Press Release
Date: December 7, 2000

NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY REFUNDING SELLS TO RECEPTIVE MARKET, IMPROVED YIELDS

The New York City Municipal Water Finance Authority ("NYW") today announced the successful sale of its Fiscal 2001 Series B Bonds, consisting of approximately $68 million of refunding bonds. Although NYW was most recently in the market two weeks ago, the improvement of 18 basis points in the market since then was the impetus for today's refunding. At the time of the previous financing, there were no refunding opportunities that met NYW's requirement of at least 5% present value savings. Today's refinancing generated present value savings of 6.2% of the par amount of bonds issued by NYW. Two weeks ago, the NYW term bond sold at 13 basis points over the MMD triple-A scale, which at that time was the best (lowest) relative yield ever achieved by NYW. Today's term bond maturing in 2031 improved to 7 basis points over the MMD triple-A scale, indicating that NYW's performance recently has improved more than the market overall.

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