EFC Announces More Than $19 Million in Cost Savings for Local Ratepayers for Water Quality Improvement Projects

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Washington – RealEstateRama – President & CEO Maureen A. Coleman announced today, December 9, 2021, that the New York State Environmental Facilities Corporation (EFC) successfully closed its State Revolving Funds Revenue Bonds, Series 2021 B (2010 Master Financing Program) (Green Bonds) bond transaction that will help ratepayers in 54 communities save $19 million over the next 20 years. Proceeds from the bond sale will be used to refinance multiple drinking water and wastewater infrastructure projects, enabling municipalities and public authorities to benefit from lower interest rates resulting in reduced debt service payments over the remaining life of their long-term financings. In addition, $125 million will be used to provide 32 local governments and public authorities with new long-term low-interest financing for their drinking water and wastewater system upgrades.

“This was EFC’s second successful bond sale in 2021, helping New York State to maximize the amount of funding available to local governments for water quality infrastructure projects,” President & CEO Coleman said. “EFC is committed to actively managing its portfolio to maximize resources and help communities lower the cost associated with clean and drinking water infrastructure projects.”

Local governments and public authorities participate in project financings through EFC and receive low-interest financings for drinking water and wastewater infrastructure projects through the state’s Drinking Water State Revolving Fund and the Clean Water State Revolving Fund. Refunding bond sales deliver additional savings for EFC’s municipal partners by refinancing the original bonds that funded their projects at an even lower interest rate. EFC annually reviews its portfolio and leverages its high credit rating and market demand for tax-exempt bonds to help its municipal recipients recognize these savings.

When combined with EFC equity, $125 million will support new or recently completed infrastructure projects in 32 communities. In addition, the bond sale will refund local borrowing costs on 54 water-quality projects for communities across the state to help local ratepayers save $19 million through lower interest rates available to EFC.

The bonds were underwritten through a syndicate led by Goldman, Sachs & Co. as the senior manager, and Siebert Williams Shank & Co. as the co-senior manager. EFC’s financial advisors for the transaction were Hilltop Securities, TKG & Associates, and Bright Bay Advisors. EFC’s co-bond counsel on the transaction was Nixon Peabody LLP and D. Seaton and Associates, P.A., P.C.

Previously Completed Infrastructure Projects: $19 Million in Savings

Clean Water Recipients: $9,437,911 in Savings
  • Village of Albion
  • Village of Alfred
  • Town of Bedford
  • Town of Carmel
  • Cayuga County Water & Sewer Authority
  • City of Cohoes
  • Town of Colonie
  • Village of Corinth
  • Dutchess County Water and Wastewater Authority
  • Village of Endicott
  • Erie County
  • City of Glens Falls
  • Town of Glenville
  • Village of Greenwood Lake
  • Village of Groton
  • Town of Hague
  • Village of Johnson City
  • City of Kingston
  • Town of Lewiston
  • Village of Liverpool
  • Livingston County Water &Sewer Authority
  • Town of Mount Hope
  • Town of North Castle
  • Town of North Hempstead
  • Village of Norwood
  • Onondaga County
  • Town of Orangetown
  • City of Oswego
  • Town of Owego
  • Village of Painted Post
  • Village of Perry
  • Town of Riverhead
  • Rockland County
  • Town of Sand Lake
  • Village of Solvay
  • Village of Spencerport 
Drinking Water Recipients: $10,081,346 in Savings
  • Village of Adams
  • Town of Bedford
  • Buffalo Municipal Water Financing Agreement
  • Town of Evans
  • City of Middletown
  • Town of Nelson
  • Town of Newburgh
  • Town of Newstead
  • Town of North Greenbush
  • Onondaga County Water Authority
  • Suffolk County Water Authority
  • Upper Mohawk Valley Regional Water Finance Authority
  • Village of Wappingers Falls

Water-Quality Projects in 32 Communities: $125 Million for New Projects

Clean Water Project Recipients: $89,885,490 in Funding
  • City of Binghamton
  • Village of Castleton-on-Hudson
  • Village of Depew
  • Town of Erwin
  • Town of Highland
  • Village of Johnson City
  • Village of Mexico
  • Village of Montour Falls
  • Onondaga County
  • City of Rome
  • Town of Thompson
  • Village of Watkins Glen
  • Westchester County
Drinking Water Project Recipients: $35,899,647 in Funding
  • Albany Municipal Water Finance Authority
  • Village of Alexander
  • City of Amsterdam
  • Village of Chatham
  • Village of Cobleskill
  • Town of Colonie
  • City of Cortland
  • Village of Fredonia
  • Town of Genoa
  • Town of Jay
  • City of Kingston
  • Village of Kiryas Joel
  • Village of Lowville
  • Town of Nelson
  • Town of Owasco
  • Town of Rotterdam
  • Village of Round Lake
  • Village of South Corning

Contact: Heather Cameron | | (518) 402-6924

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