Fiscal Year 2015 Current Activities and Operations

The operations of the New York City Municipal Water Finance Authority (“NYW”) consist of executing the requirements of its indenture 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 commercial paper notes, bond anticipation notes (“BANs”) and long-term bonds. The Authority 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 portfolio by monitoring and directing application of funds to meet debt service on its bonds and notes.

NYW issued $200 million of commercial paper notes Series 1, $300 million of extendible municipal commercial paper notes Series 7 and $300 million of extendible municipal commercial paper notes Series 8. NYW also drew down $256.2 million against BANs issued to the New York State Environmental Facilities Corporation.

On July, 10, 2014, NYW issued $200 million of new money tax-exempt fixed rate Second Resolution Bonds, Fiscal 2015 Series AA. The bond issue included bonds maturing in 2044.

On July 10, 2014, NYW issued $400 million of new money tax-exempt adjustable rate Second Resolution Bonds, Fiscal 2015 Series BB. The bonds are backed by standby purchase agreements provided by four banks. This bond issue included bonds maturing in 2049 and 2050.

On September 24, 2014, NYW issued $200 million of new money tax-exempt fixed rate Second Resolution bonds, Fiscal 2015 Series CC. This bond issue included a bond maturing in 2045.

On September 24, 2014, NYW issued $300 million of refunding tax-exempt fixed rate Second Resolution bonds, Fiscal 2015 Series DD. The bonds refunded portions of NYW’s First Resolution bonds, Fiscal 2005 Series B. The refunding bonds included bonds maturing in 2028, 2029 and 2036.

On November 20, 2014, NYW issued $392.1 million of refunding and new money tax-exempt fixed rate Second Resolution bonds, Fiscal 2015 Series EE. The new money bonds included a bond maturing in 2045. The refunding bonds refunded portions of NYW’s First Resolution bonds, Fiscal 2005 Series B. The refunding bonds included bonds maturing in 2028, 2029 and 2036.

On March 17, 2015, NYW issued $530.0 million of refunding tax-exempt fixed rate Second Resolution bonds, Fiscal 2015 Series FF. The bonds refunded portions of NYW’s First Resolution bonds, Fiscal 2005 Series C, Fiscal 2005 Series D and Fiscal 2006 Series A. The refunding bonds included bonds maturing from 2025 to 2037 and a bond maturing in 2039.

On April 9, 2015, NYW issued $450.3 million of refunding tax-exempt fixed rate Second Resolution bonds, Fiscal 2015 Series GG. The bonds refunded portions of NYW’s First Resolution bonds, Fiscal 2005 Series C, Fiscal 2005 Series D and Fiscal 2006 Series A. The refunding bonds included a bonds maturing from 2025 to 2039.

On May 28, 2015, NYW issued $452.5 million of refunding tax-exempt fixed rate Second Resolution bonds, Fiscal 2015 Series HH. The bonds refunded portions of NYW’s First Resolution bonds, Fiscal 2005 Series C, Fiscal 2005 Series D and Fiscal 2006 Series A. The refunding bonds included bonds maturing from 2025 to 2039.