ALBANY—President and CEO Maureen A. Coleman announced on April 2 that the New York State Environmental Facilities Corporation had successfully closed a $717-million bond sale that will provide financial assistance for New York City water infrastructure projects. Based on current market conditions, the transaction is projected to save local ratepayers an estimated $183 million over the next 30 years, EFC officials stated.

The bonds will refinance various short-term financings used to fund wastewater and drinking water projects for the New York City Municipal Water Finance Authority (NYCMWFA) and will refund certain prior bonds for existing projects. Refunding bonds allows NYCMWFA to benefit from lower interest rates, resulting in reduced debt service payments.

“This bond sale will help New York City manage its drinking and clean water infrastructure and the refunded debt will save costs for the city’s ratepayers,” President Coleman said. “EFC is pleased to provide this service to New York City, reinforcing the State’s key role in advancing the City’s clean water goals.”

EFC has annually executed bond refundings on behalf of NYCMWFA since 1997. In the past decade alone, EFC has saved New York City ratepayers more than $440 million.

“We are pleased that New York City’s ratepayers will benefit from these subsidies that EFC is providing through the State Revolving Fund program,” NYCMWFA Executive Director Philip Wasserman said. “These funds help with the upkeep of our water and sewer system and support affordable water rates for New Yorkers.”

This transaction was approved by EFC’s Board of Directors at its Jan. 18 meeting and closed on April 2. The bonds were assigned AAA/AAA/ Aaa ratings from Fitch, S&P and Moody’s ratings services.

Projects that are being financed include:

• Excavation and construction of Shafts 17B-1 and 18B-1, which are part of City Tunnel No. 3, Stage 2 in Queens.
• Construction of a second water conveyance tunnel from the Kensico Reservoir to the Catskill/ Delaware Ultraviolet Disinfection Facility in Eastview.
• Design and construction of main sewage pump replacement, piping and ancillary equipment at the Bowery Bay Water Pollution Control Plant.
• Design of the improvements to the power distribution system at the Bowery Bay Water Pollution Control Plant.
• Construction for a new dechlorination facility at the Newtown Creek Water Pollution Control Plant.
• Planning, design and construction for the Level I biological nitrogen removal upgrades at the Rockaway Water Pollution Control Plant.
• Planning, design and construction of upgrades and reconstruction of the Gowanus Pump Station wastewater force main, flushing tunnel and clean water pumping station and the reconstruction of the Gowanus sewer system operations and maintenance building.
• Construction of upgrades to the Prospect Expressway Pumping Station.
• Construction of biological nutrient removal upgrades at the Coney Island Water Pollution Control Plant to reduce total nitrogen in Jamaica Bay.
• Design and construction of the main sewage pump replacements at the Coney Island Water Pollution Control Plant.

Design and construction of new engine generators to utilize digester gas and natural gas to cogenerate power and heat for on-site use at the North River Water Pollution Cont