Water & Sewer Finance
Water & Sewer Experience
Siebert Cisneros Shank remains one of the top underwriters for negotiated water and sewer bonds having served as senior manager for many of the largest systems in the country. A national leader in water and sewer financings, the firm has served as bond underwriter for more than 700 offerings (exceeding $137 billion in par), of which 100, totaling over $18 billion, have been as senior manager. The firm ranked 5th nationally as a senior-managing underwriter of negotiated water and sewer financings in 2018.
Water and sewer utilities are consistently presented with significant challenges that require them to manage their long-term policies and financial plans. The nature of the sector remains highly capital intensive due to a range of factors including changes to environmental regulations, combined sewer overflow, ongoing drought conditions and aging infrastructure. Our firm’s commitment to this sector is exemplified by our efforts to develop innovative ways to address the constantly changing dynamics within the public utility sector.
Selected Senior-managed Water & Sewer Transactions

$215,975,000
Water System Ref. Rev. Bonds and Revenue COPs
$92,650,000 Water System Refunding Revenue Bonds, Series 2020A and Taxable Series 2020B
$123,325,000 Revenue Certificates of Participation (Water Utility System Improvement Projects), Series 2020C and Taxable Series 2020D
September 30, 2020
SENIOR MANAGER

$123,535,000
Sanitary Sewerage System Rev and Rev Ref Bonds, Series 2020B
September 23, 2020
SENIOR MANAGER

$32,140,000
(City of Jackson)
Special Obligation Bonds, Series 2020
August 20, 2020
SOLE MANAGER

$708,005,000
Water and Sewer System Second General Resolution Revenue Bonds
Fiscal 2020 Series FF & GG
Consisting of
Fiscal 2020 Subseries FF, Subseries GG-1
& Subseries GG-2
June 1 & 2, 2020
SENIOR MANAGER

$352,590,000
State Revolving Fund Revenue Bonds, New Series 2020
(Tax-Exempt)
May 18, 2020
SENIOR MANAGER

$152,455,000
Subordinate Water Revenue Refunding Bonds, 2020 Series A
March 4, 2020
SENIOR MANAGER

$207,355,000
Water Revenue Bonds, 2020 Series A
January 27, 2020
SENIOR MANAGER

$637,665,000
Water and Sewer System Second General Resolution Revenue Bonds
Fiscal 2020 Series CC
Consisting of
Fiscal 2020 Subseries CC-1
& Subseries CC-2
December 4, 2019
SENIOR MANAGER

$38,280,000
Water System
Refunding Revenue Bonds,
Taxable Series 2019C
November 19, 2019
SOLE MANAGER

$505,490,000
Public Utility Subordinate Lien
Revenue Bonds Series 2019A (Green Bonds), Series 2019B, and Refunding Series 2019D (Federally Taxable)
October 8, 2019
SENIOR (2019A,B)
& CO-SENIOR (2019D)

$339,475,000
State Clean & Drinking Water Revolving Funds Revenue Bonds (New York City Municipal Water Finance Authority Projects, 2nd Resolution Bonds) Series 2019 B, Subordinated SRF Bonds
September 23, 2019
JOINT SENIOR MANAGER

$500,000,000
Water and Sewer System
Second General Resolution Revenue Bonds
Fiscal 2019 Series FF
April 8, 2019
SENIOR MANAGER

$25,960,000
Wastewater Revenue Bonds,
Series 2019
March 27, 2019
SENIOR MANAGER

$37,900,000
Stormwater System Revenue Bonds
(City Stormwater Improvements)
Series 2018 (Green Bonds)
December 6, 2018
SENIOR MANAGER

$258,340,000
State Clean & Drinking Water
Revolving Funds Revenue Bonds
(New York City Municipal Water Finance Authority), Series 2018 B
November 15, 2018
SENIOR MANAGER

$459,670,000
Wastewater System Subordinate Revenue Bonds,
Series 2018-A (Green Bonds)
Refunding Series 2018-B
October 31, 2018
SENIOR MANAGER

$51,210,000
Water & Wastewater Revenue Refunding Bonds
Series 2018A
June 12, 2018
SENIOR MANAGER

$458,920,000
Water and Sewer System Second General Resolution Revenue Bonds
Fiscal 2018 Series EE
April 5, 2018
SENIOR MANAGER

$354,440,000
Power System Revenue Bonds, 2018 Series A
March 28, 2018
SENIOR MANAGER

$158,025,000
State Revolving Funds Revenue Bonds,
Series 2017 C (Green Bonds) & D
October 19, 2017
Role: SENIOR MANAGER