The Great Lakes Water Authority is committed to the highest level of transparency for our partners, investors, employees and other stakeholders. This page contains information specifically of interest to investors.
GLWA receives ratings upgrades
The Great Lakes Water Authority (GLWA) received positive ratings actions from all three ratings agencies – S&P Global Ratings (S&P), Moody’s Investors Service (Moody’s) and Fitch Ratings (Fitch) in early March 2020 in anticipation of a bond refunding and new money transaction.
Independent Registered Municipal Advisor Disclosure Certificate
Pursuant to Rule 15Ba1-1 (the “Municipal Advisor Rule”) of the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Act”), the Great Lakes Water Authority (“GLWA”) has retained an independent registered municipal advisor. GLWA is represented by and will rely on its municipal advisor Public Financial Management, Inc. to provide advice on proposals from financial services firms concerning the issuance of municipal securities.
Master Bond Ordinances
The GLWA Board has adopted a Master Bond ordinance (“MBO”) for both the Water System and Sewage Disposal System. The MBOs are key documents for understanding bond issuance and the pledge of revenues to repay the bonds.
Bond Series Ordinances
GLWA Board provides authority to issue bonds utilizing a series ordinance. Below are the most recently approved series ordinances.
GLWA's Foundational Agreements
A series of key legal documents support GLWA's daily operational and financial activities.
GLWA Official Statements
Below are the Great Lakes Water Authority's official statements related to its water and sewer bonds.
City of Flint Service Agreements
In December 2017, GLWA, the city of Flint, the Genesee County Drain Commissioner’s Office (GCDC), the state of Michigan and the Karegnondi Water Authority (KWA) finalized an agreement that would allow GLWA to provide the city of Flint with source water of unquestionable quality. It also ensures there is system redundancy for GLWA’s member partners by leveraging existing public investments.