The New York City Municipal Water Finance Authority (NYW) was created in 1985 to finance capital improvements to the City’s water and sewer system. In December 1985, NYW issued its first long-term bond - the $200 million Fiscal 1986 A Water and Sewer System Revenue Bonds. Since then, NYW has issued over $60 billion bonds. To review the Official Statement from NYW's most recent bond issue, click here.
Over 97% of the New York City Water and Sewer System's future capital costs will be paid from bond proceeds and water/sewer revenues.
Read about the impact of NYW Bonds.
NYW has been awarded the Certificate of Achievement for Excellent in Financial Reporting by the Government Finance Officers Association for 21 consecutive years, since 1995. The Fiscal Year 2016 Comprehensive Annual Financial Report was released on December 7, 2016. To review and download an electronic copy, click here.
The NYC Water Board and NYW are legally independent from the City, and are vested with full legal control over revenues derived from the NYC Water and Sewer System which is operated by DEP. To review the lease agreement between the City and NYC Water board, click here.
NYW participates in the State Revolving Fund (SRF) program administered by the New York State Environmental Facilities Corporation (EFC). The SRF provides a source of long-term below-market interest rate borrowing, subsidized from federal capitalization grants, state matching funds and other funds held by EFC. To review the OS from the most recent EFC bond issue to finance NYW projects, click here.
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.