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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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.

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Standard & Poor’s Ratings Bulletin

On April 29, 2020 Standard & Poor’s issued the following bulletin: Great Lakes Water Authority, MI Ratings Unaffected By COVID-19 Pandemic.

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GLWA Series 2020 EMMA Announcement

Notice – February 27, 2020 - The GLWA is considering refunding certain outstanding CUSIPs provided in the document below.

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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.

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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.

Bond Series Ordinances

GLWA Board provides authority to issue bonds utilizing a series ordinance. Below are the most recently approved series ordinances.

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.