Transaction Will Deliver $10.7 Million In Savings for Local Ratepayers

The New York State Environmental Facilities Corporation today announced the successful closing of its $369 million Series 2025 C bond transaction on behalf of the New York City Municipal Water Finance Authority. The proceeds from the bonds will finance critical clean water and drinking water projects across New York City and refund certain prior bonds, providing over $10.7 million in long-term savings for city ratepayers.

“This successful bond sale is a direct result of EFC’s proactive and strategic fund management, which continues to deliver meaningful savings for communities across New York,” EFC President and CEO Maureen A. Coleman said. “For New York City, this means millions in savings while ensuring continued investment in safe, sustainable water systems that benefit millions of residents.”

EFC has executed bond refundings on behalf of New York City since 1997. In the past decade alone, EFC has saved New York City ratepayers more than $413 million by refunding prior bonds.

The issuance, conducted under EFC’s New York City Municipal Water Financing Authority Subordinate Indenture, refinanced short-term financings for 15 water infrastructure projects and refunded EFC’s Series 2015 A Bonds, achieving a competitive true interest cost of 4.40%. This low rate will be subsidized by EFC, resulting in additional savings of approximately $149 million over the life of the bonds. bonds were assigned AAA/AAA/Aaa ratings from Fitch, S&P and Moody’s ratings services.

The Series 2025 C transaction characterizes EFC’s mission of affordably financing critical water infrastructure and supporting the long-term sustainability of the Clean Water and Drinking Water State Revolving Funds. The State Revolving Funds remain the State’s primary mechanism for helping municipalities invest in water quality improvements without overburdening ratepayers.

“This transaction underscores the strength of EFC’s municipal bond market presence and the importance of maintaining low-cost access to capital for essential infrastructure,” President & CEO Coleman said. “By managing funds strategically and seizing refunding opportunities, we’re not only protecting water quality—we’re protecting the wallets of the City’s ratepayers.”

New York City Department of Environmental Protection Commissioner and NYC Chief Climate Officer Rohit T. Aggarwala said, “DEP supplies more than half of New York State’s population with drinking water, and 44% of the state relies on our sewer infrastructure. As federal support has retreated from environmental stewardship, support from the State becomes all the more critical. EFC’s support of today’s bond sale will save DEP’s customers – both in the city and in the northern suburbs – several million dollars in interest payments. We thank EFC for their support and look forward to working together on other grant and financing opportunities.” 

New York City Municipal Water Finance Authority Executive Director Philip Wasserman said, “We are pleased that New York City’s ratepayers continue to benefit from the State Revolving Fund Program and EFC’s active debt management. This partnership helps with the upkeep of our water and sewer system and supports affordable water rates for New Yorkers.”

New York's Commitment to Water Quality 

New York State continues to increase its nation-leading investments in water infrastructure. The application period for the next round of EFC’s Water Infrastructure Improvement Grants and Intermunicipal Water Infrastructure Grants is now open through September 12.  Applications and information about the grants can be found at www.efc.ny.gov. This round reflects New York’s continued leadership in investing in affordable, community-driven clean water solutions.

With $500 million allocated for clean water infrastructure in the FY26 Enacted Budget announced by Governor Hochul, New York will have invested a total of $6 billion in water infrastructure since 2017. Any community needing assistance with water infrastructure projects is encouraged to contact EFC. New Yorkers can track projects benefiting from EFC’s investments using the interactive project impact dashboard.