Fiscal Year 2020 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 notes 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.

To provide new money funding, over the course of the fiscal year, NYW received $467.2 million from draws on bond anticipation notes (“BANs”) issued to the New York State Environmental Facilities Corporation (“EFC”).

On July 2, 2019, NYW issued $459.6 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2020 Series AA. The bonds refunded the following Second Resolution fixed rate bonds: $141.6 million of Fiscal 2009 Series EE, $165.0 million of Fiscal 2009 Series FF, $108.7 million of Fiscal 2009 Series GG and $135.7 million of Fiscal 2010 Series BB. The bonds have a final maturity of 2040.

On July 17, 2019, NYW issued $450.0 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2020 Series BB. The proceeds from the sale funded capital projects of the System. The bonds have a final maturity of 2049. On October 8, 2019, the Authority issued the following fixed rate Second Resolution bonds to EFC: $339.5 million of Fiscal 2020 Series 2, $42.3 million of Fiscal 2020 Series 3, and $60.6 million of Fiscal 2020 Series 4. Proceeds of the bonds were used to refund $288.9 million of Fiscal 2009 Series 1 and $42.3 million of Fiscal 2009 Series 2, and to retire $178.5 million of Fiscal 2020 Series 1 BANs.

On December 12, 2019, the Authority issued $637.7 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2020 Series CC. $450 million of proceeds from the sale funded capital projects of the System. The bonds also refunded $135 million of the First Resolution Fiscal 2008 Series B-3 variable rate demand bonds, $50 million of Second Resolution Fiscal 2010 Series GG, $50 million of Second Resolution Fiscal 2011 Series AA, $40 million of Second Resolution Fiscal 2015 Series FF, and $21.8 million of Second Resolution Fiscal 2016 Series BB-2. The bonds have a final maturity of 2049.

On February 13, 2020, the Authority issued $528.3 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2020 Series DD. $450 million of proceeds from the sale funded capital projects of the System. The bonds proceeds were applied to advance refund $114.8 million of 2010 GG and $50 million of 2011 AA outstanding Build American Bonds. The bonds have a final maturity of 2050.

On March 18, 2020, NYW issued $399.3 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2020 Series EE. The bond proceeds refunded the following Second Resolution fixed rate bonds: $125 million of Fiscal 2010 Series EE, $100.5 million of Fiscal 2010 Series FF, $65.2 million of Fiscal 2010 Series GG, $50 million of Fiscal 2011 Series AA, and $168.9 million of Fiscal 2011 BB. The bonds have a final maturity of 2042.

On April 8, 2020, the Authority issued the following fixed rate Second Resolution bonds to EFC: $171.3 million of Fiscal 2020 Series 5, $18.6 million of Fiscal 2020 Series 6, and $144 million of Fiscal 2020 Series 7. Proceeds of the bonds were used to refund $64 million of Fiscal 2010 Series 2 and $21.1 million of Fiscal 2010 Series 3 and to retire $286.3 million of Fiscal 2020 Series 1 BANs.

On June 10, 2020, the Authority issued $708 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2020 Series FF & GG. $268.9 million of the Series 2020 FF bonds were used to refund the following Second Resolution fixed rate bonds: $111.8 million of Fiscal 2010 Series FF, $22.2 million of Fiscal 2011 Series BB, and $100 million each of 2010 DD and 2011 AA outstanding Build American Bonds. Fiscal 2020 Series GG, issued in two subseries, delivered $551.7 million of proceeds for capital projects. The bonds have a final maturity of 2050.