AGENCY TESTIMONY
History of NYC water and sewer system financial structure
2:18:50
·
34 sec
The testimony outlines the historical changes in the financial structure of New York City's water and sewer system following the 1970s fiscal crisis. These changes were implemented to improve the city's ability to issue bonds and manage water-related finances.
- After the 1970s fiscal crisis, the water and sewer system was financially separated from city government in the 1980s
- Water bill revenue was moved to the control of the Water Board for system maintenance, operations, and debt service
- A 1985 Water Board lease agreement granted the Water Board permission to use the city's water and sewer system
Jordan Paige
2:18:50
After the 19 seventies fiscal crisis, Investors were hesitant to buy general obligation bonds backed by the city's general fund.
2:18:58
In the 19 eighties, the water in sewer system was financially separated from the city government to issue water bonds.
2:19:04
Water bill revenue was removed from its general fund and moved to control of the water board to be used exclusively for water system maintenance, operations and debt service on new water finance authority bonds.
2:19:18
1985 Waterboard lease agreement granted the Waterboard Commission to use the city's water and sewer system.
