DC Water’s Board of Directors yesterday approved a Resolution to issue tax-exempt Revenue Refunding Bonds (subject to market conditions) to advance refund a portion of the Authority’s outstanding Series 2007A, 2008 and 2009A fixed rate revenue bonds and current refund all of the Authority’s outstanding Series 2012B-1 floating rate notes. The issuance is expected to generate significant present value savings for the Authority and its ratepayers.

DC Water sells bonds to fund its massive infrastructure projects, many of which are federally mandated. Currently the Authority is completing a nearly $1 billion project to reduce the amount of nitrogen that is discharged in effluent from the wastewater treatment plant, a feat that will help preserve the health of the Potomac and Chesapeake Bay. DC Water is also in construction of the 20-year, $2.6 billion Clean Rivers Project to significantly reduce combined sewer overflows (CSOs) to the Anacostia and Potomac rivers and Rock Creek.

Subject to market conditions, the Revenue Refunding Bonds are expected to be sold by an underwriting syndicate led by Goldman, Sachs & Co. later this month.

A copy of DC Water’s Preliminary Official Statement will be posted to http://www.dcwater.com/investorrelations when it becomes available.