NYC Municipal Water Finance
Authority Water and Sewer System Second
General Resolution Revenue Bonds FY...

New York City Water

Invest in NYC Water! NYC's Water System provides approximately 1 billion gallons per day of water to approximately 834,000 accounts in the City and 9.6 million residents in New York City, Westchester, Putnam, Orange and Ulster Counties. Proceeds of the FY 2019AA Bonds are expected to redeem outstanding bonds and pay certain costs of issuance.


Issuance characteristics
  • Refunding
  • Not callable
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    NYC Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds FY 2019 Series AA

    A portion of the process of the FY 2019AA Bonds is expected to be applied to redeem outstanding bonds and pay certain costs of issuance.

  • Obligor

    New York City Municipal Water Finance Authority ("NYW")

    • NYW bonds pay for projects in the capital program of the City's Water and Sewer System.
    • This capital investment maintains the quality of New York City's drinking water, which each day delivers more than 1 billion gallons of fresh, clean water from the City's watersheds, some more than 125 miles from the City, to the taps of over nine million people. Bond proceeds provide the funding necessary to maintain the watersheds and treat the supply to ensure its high quality and its compliance with federal and state water quality standards.
    • Proceeds are also used to maintain and improve the transmission, distribution capacity, and condition of the City's water supply system. Investments in the system also ensure compliance with federal and state standards for treatment, fund upgrades to the City's wastewater treatment facilities, and reduce pollution caused by combined sewer overflows, all which improve the quality of New York City's surrounding waters.
    • Additionally, capital investments are made to maintain and improve the condition of the sewer system, prevent flooding by replacing failing sewers, and extend service to underserved areas of the City.

  • Issuer

    New York City Municipal Water Finance Authority ("NYW")

  • Authority

    NYW, established in 1984, has the power to:

    • issue bonds, bond anticipation notes and other obligations for the purpose of financing the renovation and improvement of the City's water system
    • refund outstanding bonds and notes and general obligation bonds of the City issued for water or sewer purposes
    • require the Board to fix rates sufficient to pay the costs of operating and financing improvements to the system
    • require the City to maintain the System adequately.

  • Security

    • The FY 2019 AA Bonds are special obligations of the Authority and secured by a lien on revenues collected by the New York water and sewer system.
    • NYW has no taxing power.
    • The FY 2019 AA Bonds are not a debt of the State of New York, The City of New York or the New York City Water Board; None of the State of New York, The City of New York, or the New York City Water Board is liable on the FY 2019 AA Bonds.
    • NYW holds both a statutory and contractual lien on the system's revenues. Only after revenues have provided for debt service on the NYW's bonds is the remainder released to the city to operate the system. Therefore, unlike most municipal utilities in the United States whose bonds are secured by net revenues, NYW's bondholders are secured by a gross revenue pledge.

  • Trustee

    U.S. Bank National

  • Sale conditions

    Retail Order Period: Wednesday, August 15, 2018

About the issuer

Contact information
Website

Ratings

Ratings

AA+

S&P

Aa1

Moody's

AA+

Fitch

Financing team

Neighborly Securities
Neighborly is a selling group member on this issuance.
Underwriters
Municipal Advisors
Bond Counsel