Fiscal Year 2022 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 July 14, 2021, NYW issued $450 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2022 Series AA. The proceeds from the sale funded capital projects of the System. The bonds have a final maturity of 2051.

On September 23, 2021, NYW issued $630.3 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2022 Series BB. The bonds refunded the following fixed rate bonds: $335 million of Second Resolution Fiscal 2012 Series BB, $297.4 million of Second Resolution Fiscal 2012 Series CC, $15 million of Second Resolution Fiscal 2012 Series DD, and $88.3 million of Second Resolution Fiscal 2017 Series CC. The bonds have a final maturity of 2045.

On February 10, 2022, NYW issued $500 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2022 Series CC. The proceeds from the sale funded capital projects of the System. The bonds have a final maturity of 2052.

On February 10, 2022, the Authority issued $100.1 million of tax-exempt Adjustable Rate Remarketed Securities (ARRS) Second Resolution bonds, Fiscal 2022 Series DD. The bonds refunded $100 million of adjustable rate General Resolution Fiscal 2001 Series F-1. The bonds have a final maturity of 2033.

On March 17, 2022, the Authority issued $779 million of tax-exempt fixed rate Second Resolution bonds, Fiscal 2022 Series EE. The bonds refunded $420.9 million of Second Resolution fixed rate Fiscal 2012 Series EE bonds and $502 million of Second Resolution fixed rate Fiscal 2012 Series FF. The bonds have a final maturity of 2045.

On April 21, 2022, the Authority issued the following fixed rate Second Resolution bonds to the New York State Environmental Facilities Corporation (“EFC”): $142.4 million of Fiscal 2022 Series 3, $139.3 million of Fiscal 2022 Series 4, $59 million of Fiscal 2022 Series 5, $211.6 million of Fiscal 20122 Series 6, and $192 million of Fiscal 2022 Series 7. Proceeds of the bonds were used to refund $152.6 million of Fiscal 2012 Series 2, $139.3 million of Fiscal 2012 Series 3, $63.8 million of Fiscal 2013 Series 1, and to pay off $429.7 million of Fiscal 2021 Series 1 Bond Anticipation Notes. The bonds have a final maturity of 2051.

To provide new money funding, over the course of the fiscal year, NYW drew $375.8 million on BANs issued to EFC.