New York Environmental Facilities Corporation

The committee reviewed and approved an authorization request for the issuance of New York State Environmental Facilities Corporation State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Series 2026 B. This $456,492,000 transaction includes approximately $394 million in refunding for the 2015 B, 2015 D, and 2016 B series, with projected present value savings of approximately $21.3 million. The committee recommended that the full Board accept and approve the proposed financing.

The Board meeting focused on key environmental and financial initiatives, including the implementation of first-in-the-nation cybersecurity regulations for water and wastewater infrastructure. The discussion highlighted a new pilot program for private well testing in specific counties to address emerging contaminants. Financial updates were provided, including the successful pricing of bond series 2026A and the authorization of bond series 2026B for clean water and drinking water projects. Additionally, the Board reviewed updates to engineering planning grants, specifically moving toward a broader, system-wide approach for managing inflow and infiltration studies to improve capital planning for municipalities.

The committee discussed the state revolving funds authorization request regarding the clean water and drinking water state revolving fund bonds series 2026B. The proposal included a total of 456,492,000, covering both new project financing and refunding of existing series, with projected net present value savings. Additionally, the committee authorized two WEIA grants for the towns of Irwin and Victor and moved to recommend the proposed issuance for full board approval.

The Board of Directors discussed cybersecurity initiatives for water utilities, including the availability of new grant programs and the establishment of a technical assistance hub. Updates were provided on the private well testing pilot program and progress regarding various water infrastructure grants and recent bond pricing. The Finance Committee presented a report regarding bond issuance recommendations. Several resolutions were formally adopted concerning the issuance of revenue bonds for clean and drinking water revolving funds, the authorization of financial assistance payments for municipal water projects, the green resiliency grant program, and the transfer of specific funds to the Department of Environmental Conservation.

The Committee discussed and acted upon an authorization request for the issuance of State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Series 2026 A, in relation to the New York City Municipal Water Finance Authority. The proposed financing is a refunding transaction involving no new money, with projected present value savings of approximately $26 million depending on market conditions. The Committee voted to recommend that the financing be accepted and approved by the full Board.