Water Quality
A look into GLWA’s water quality standards, testing, and treatment practices.
Investor Relations
The Great Lakes Water Authority is committed to the highest level of transparency for our partners, investors, team members and other interested parties. This page contains information specifically of interest to investors. For more information, please see GLWA’s Bondlink Investor Relations site.
GLWA SYSTEM
RECEIVES BOND
UPGRADES
GLWA received an upgrade from Fitch Ratings on its Sewer System to AA for the senior lien and AA- for the second lien, with affirmation of strong ratings from each of the other rating agencies. The bond transaction provides $280 million in new funding for regional water and wastewater system capital improvements and the refunding generates $77 million of cash flow savings ($61 million of present value savings).
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.
INVESTOR RESOURCES
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.
A depiction of how revenues are applied to financial commitment is presented in this easy-to-read flow chart “Master Bond Ordinance Flow of Funds”.
A series of key legal documents support GLWA’s daily operational and financial activities.
Water and Sewer Services Agreement Open 2018 Memorandum of Understanding Open Water and Sewer Services Agreement Amendment 1 Open Detroit GRS Pension Agreement Open Shared Services Agreement Open Articles of Incorporation Open GLWA By-Laws Open Trust Indenture Relating to Water Supply System Open Feasibility Forecast – Forming a Regional Water Authority Open 2014 MOU Framework for Creating a Water & Sewer Authority Open Regional Water System Lease Open Regional Sewage Disposal System Lease Open
Below are the Great Lakes Water Authority’s official statements related to its water and sewer bonds.
2026 Water Supply System Official Statement Open 2026 Sewage Disposal System Official Statement Open 2025 Water Supply System Official Statement Open 2025 Sewage Disposal System Official Statement Open 2024 Water Supply System Official Statement Open 2024 Sewage Disposal System Official Statement Open 2023 Water Supply System Official Statement Open 2023 Sewage Disposal System Official Statement Open 2022 Water Supply System Official Statement Open 2022 Sewage Disposal System Official Statement Open 2020 Water Supply System Official Statement Open 2020 Sewage Disposal System Official Statement Open 2018 Water Supply System Official Statement Open 2018 Sewage Disposal System Official Statement Open 2016 Water Supply System Official Statement Open 2016 Sewage Disposal System Official Statement Open
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.
Flint Reference Binder Material as of 4.19.2017 Open GLWA Board Board of Directors Authorizes 30-year drinking water contract with City of Flint Open Statement of Principles Open Master Agreement Redacted Open Flint Water Service Contract Open Irrevocable License of-Essential Water Mains and Raw Water Rights Open Reciprocal Backup Water Service Contract Open Baseline and All Receipts Trust Agreement (Redacted) Open Three Party Agreement Open
