The New York City Municipal Water Finance Authority (“NYW”) is a public benefit corporation created in 1985 pursuant to the New York City Municipal Water Finance Authority Act. NYW’s purpose is to finance the capital needs of the water and sewer system (the “System”) of the City of New York (the “City”) which is operated by the New York City Department of Environmental Protection. The New York City Water Board sets water and sewer rates sufficient to pay the costs of operating and financing the System. NYW’s mission is to provide financing for the capital needs of the System in an efficient and cost-effective manner. NYW’s stakeholders are its bondholders, who have purchased NYW bonds and notes in reliance on the strong credit of NYW, and the City, which depends on NYW’s access to the capital markets to reimburse the City for its general fund expenditures for System capital projects.
Date Adopted: October 1, 2007 and amended on March 29, 2010.