Investor Relations

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.

For more information, please see the Finances page. Key operational information is found in the CEO’s Report.

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In conjunction with the September 2022 bond transaction, Great Lakes Water Authority (GLWA) earned positive rating outlooks from two of three rating agencies, as well as an affirmation of a “AA” category rating from the third rating agency.  

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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.

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Master Bond Ordinance Flow of Funds

A depiction of how revenues are applied to financial commitment is presented in this easy-to-read flow chart.

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.

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.

About the Great Lakes Water Authority

Find out what we’re all about – including our history, mission and some of the people who are making it happen.