Fiscal Year 2025 Current Activities and Operations

The operations of the New York City Municipal Water Finance Authority (“NYW”) consist of executing the requirements of the New York City Municipal Water Finance Authority Act, NYW’s bond resolutions and other governing documents. NYW finances the ongoing capital needs of the water and sewer system of the City of New York (the “System”) with proceeds from the issuance of bond anticipation notes (“BANs”) and long-term bonds. NYW uses these proceeds to reimburse the City of New York’s general fund for capital expenditures incurred on behalf of the System. NYW complies with federal tax law to preserve the tax exemption of its debt. NYW also maintains various contractual obligations necessary to achieve efficient and cost-effective financing and administers its outstanding debt and investments portfolios by monitoring and directing application of funds to meet debt service on its bonds and notes.

On October 2, 2024, NYW issued $887 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2025 Series AA. $700 million of proceeds from the sale funded capital projects of the System. The bonds also funded a tender and refunding of the following Second Resolution fixed rate bonds: $42 million of Fiscal 2016 Subseries BB 1, $1.4 million of Fiscal 2017 Series EE, $550 thousand of Fiscal 2018 Series AA, $25 thousand of Fiscal 2018 Series BB2, $295 thousand of Fiscal 2018 Series CC1, $10 thousand of Fiscal 2019 Series FF2, and $55 50 thousand of Fiscal 2021 Series BB1 and $5 thousand of Fiscal 2022 Series BB. In addition, the bonds also refunded the following Second Resolution refundable principal installments: $75 million of Fiscal 2020 Series BB2, $35 million of Fiscal 2020 Series GG2 and $50 million of Fiscal 2022 Series CC2. The Bonds have a final maturity of 2054.

On March 6, 2025, NYW issued $950 million of fixed rate Second Resolution bonds, Fiscal 2025 Series BB fixed rate tax exempt bonds to the public. The proceeds of the bonds were used to fund capital projects of the system. The bonds have a final maturity of 2055.

On April 10, 2025, NYW issued $560 million tax exempt, fixed rate refunding bonds Fiscal 2025 Series CC. The bonds refunded: $116 million of Fiscal 2015 Series FF, $72.9 million of Fiscal 2015 Series GG, $273 million of Fiscal 2015 Series HH, and $1439 million of Fiscal 2016 Series BB1 Second Resolution fixed rate bonds. The bonds have a final maturity of 2046.

On May 13, 2025, NYW issued $650 million tax exempt, fixed rate refunding bonds Fiscal 2025 Series DD. The bonds refunded: $108 million of Fiscal 2000 Series C and $102 million of Fiscal 2003 Series F2 First Resolution variable rate bonds. The bonds also refunded: $183 million of Fiscal 2015 Series FF, $235 million of Fiscal 2015 Series GG, $82 million of Fiscal 2015 Series HH Second Resolution fixed rate bonds. The bonds have a final maturity of 2039.

On May 13, 2025, NYW also issued $225 million tax exempt, variable rate new money bonds Fiscal 2025 Series EE. Proceeds of the bonds were used to fund capital projects of the system: The bonds have a final maturity of 2055.

On June 12, 2025, NYW applied $281 million to defease $292 million in bonds from Fiscal 2010 Series 3, Fiscal 2016 Series 2, Fiscal 2016 Series 6, Fiscal 2017 Series 4, Fiscal 2017 Series 5, Fiscal 2018 Series 2, Fiscal 2019 Series 3, Fiscal 2020 Series 3, Fiscal 2020 Series 4, Fiscal 2020 Series6, Fiscal 2020 Series 7, Fiscal 2021 Series 3, Fiscal 2022 Series 4, Fiscal 2022 Series 7, Fiscal 2023 Series 1, Fiscal 2023 Series 2, Fiscal 2023 Series 5, and Fiscal 2024 Series 1. The escrow for this in-substance defeasance will mature on June 15, 2030. Additionally, on June 12, 2025, NYW applied $253 million to defease $241 million in bonds from Fiscal 2015 Series FF, Fiscal 2015 Series GG, Fiscal 2016 Series A, Fiscal 2018 Series BB, Fiscal 2018 Series EE, Fiscal 2018 Series FF, and Fiscal 2023 Series DD. The escrow for this legal defeasance will mature on June 15, 2028.

To provide new money funding, over the course of the fiscal year, NYW drew $231.3 million on BANs issued to the New York State Environmental Facilities Corporation.