The New York Environmental Facilities Corp. has approved an $879 million leveraged bond deal to provide money for various wastewater and drinking water projects that the New York City Municipal Water Finance Authority has undertaken and to refund some outstanding bonds, Gov. Kathy Hochul announced Tuesday.
The board of directors expects the sale will provide savings to the MWFA, one of the EFC's municipal partners, by refinancing certain outstanding bonds at a lower interest rate. The transaction is estimated to save $18 million over the next 10 years for city ratepayers.
"The state of New York is steadfast in our commitment to providing communities with the resources needed to make upgrades to water and sewer systems," Hochul said in a statement. "These critical projects will help protect the health and safety of residents, the environment, and quality of life as we work together to assist residents in every corner of the state with access to safe, clean water and reliable sewer services."
The board also approved $41 million of low-cost loans and previously awarded grants for other municipalities in the state, while will let them access these funds and move water and sewer infrastructure projects forward.
The board's approval includes financing through the Clean Water State Revolving Fund, Drinking Water State Revolving Fund and grants under the Water Infrastructure Improvement Act.
If the $4 billion environmental bond referendum is approved by voters in November, it would provide the support Hochul’s
