Fiscal Year 2021 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.

On September 30, 2020, NYW issued $650 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2021 Series AA. $325 million of proceeds from the sale funded capital projects of the System. The bonds also refunded the following Second Resolution bonds: $200 million of Second Resolution variable rate Fiscal 2006 Series AA, $107.8 million of Second Resolution fixed rate Fiscal 2011 Series CC, and $147.1 million of Second Resolution fixed rate Fiscal 2011 Series EE. The bonds have a final maturity of 2043.

On December 15, 2020, NYW issued $534.4 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2021 Series BB. $356.3 million of proceeds from the sale funded capital projects of the System. The bonds also refunded the following bonds: $100 million of First Resolution variable rate Fiscal 2008 Series B and $167.2 million of Second Resolution fixed rate Fiscal 2011 Series CC. The bonds have a final maturity of 2050.

On March 18, 2021, NYW issued $553.3 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2021 Series CC. $477.1 million of proceeds from the sale funded capital projects of the System. The bonds also refunded the following Second Resolution fixed rate bonds: $158.6 million of Fiscal 2011 Series HH and $50.7 million of Fiscal 2012 Series AA. The bonds have a final maturity of 2051.

On March 18, 2021, the Authority issued $574.8 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2021 Series DD. The bonds refunded the following Second Resolution fixed rate bonds: $74.6 million of Fiscal 2011 Series GG, $503.6 million of Fiscal 2011 Series HH, $54.1 million of Fiscal 2012 Series AA, and $85.9 million of Fiscal 2016 Series CC. The bonds have a final maturity of 2038.

On March 31, 2021, the Authority issued $325 million of tax-exempt variable rate Second Resolution bonds, Fiscal 2021 Series EE. The bonds refunded $325 million of First Resolution variable rate Fiscal 2012 Series B bonds. The bonds have a final maturity of 2045.

On June 30, 2021, the Authority issued the following fixed rate Second Resolution bonds to EFC: $284.8 million of Fiscal 2021 Series 2 and $51.8 million of Fiscal 2021 Series 3. Proceeds of the bonds were used to refund $349.7 million of Fiscal 2011 Series 1 and $51.8 million of Fiscal 2011 Series 2. The bonds have a final maturity of 2041.

To provide new money funding, over the course of the fiscal year, NYW received $155.0 million from draws on bond anticipation notes (“BANs”) issued to the New York State Environmental Facilities Corporation (“EFC”).