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Metropolitan Water Reclamation District of Greater Chicago

Bond Financing for Metropolitan Water Reclamation District (MWRD) Capital Improvement Program

Fitch Ratings - AAA

Standard & Poors - AA+

Moody's Investor Services - AA1 (pre-2014 bonds)


The MWRD is an extremely strong credit, with top credit ratings supported by:

  • A diverse tax base and an ample general fund balance
  • Prudent management of debt levels and costs
  • A proactive approach to addressing pension concerns 

MWRD issues bonds when capital requirements need to be met. Its full faith and credit is pledged to the punctual payment of the principal and interest on its General Obligation Bonds. All MWRD bonds are payable from a designated property tax levy; the Unlimited Tax Bonds have no limitation as to rate or amount, while the Limited Tax Bonds have no limitation as to rate but are limited as to amount. (See definitions of Debt Service Base Extension Limitation in the Official Statements.) Funds raised by such levies are collected by the County Treasurer, remitted to the MWRD Treasurer, and deposited in MWRD bond and interest funds for payment of the bonds at each debt service date.

For more on the MWRD’s debt management program, please click on the links below. Note that reports for prior years provide dated information for historical reference only; they have not been updated for developments subsequent to document issuance.

Green Bonds

MWRD started selling Green Bonds in 2014 to allow people to invest in projects that help the environment. So far, MWRD has sold almost $473 million in Green Bonds for different projects that focus on sustainability, such as:
•    Stabilizing streambanks
•    Building a facility to recover phosphorus
•    Making improvements to save energy and reduce air pollution

The annual Green Bonds Report provides project highlights and updates on bond proceeds spending.

•    2023 Green Bonds Report
•    2022 Green Bonds Report
•    2021 Green Bonds Report
•    2020 Green Bonds Report
•    2019 Green Bonds Report

Eligible Lists for Underwriter, Financial Advisor, and Counsel

MWRD utilizes a Request for Proposal (RFP) process to identify eligible underwriting, financial advisory, and legal counsel services for bond sales. Click the links below to view the current lists.

Eligible Underwriters

Eligible Financial Advisors

Eligible Counsel

Independent Registered Municipal Advisor Disclosure (IRMA)

The Dodd-Frank Wall Street Reform and Consumer Protection Act amended Section 15B of the Securities Exchange Act of 1934 (“Exchange Act”) to add a new requirement that “municipal advisors” register with the Securities and Exchange Commission, effective October 1, 2010.

IRMA Disclosure

U.S. Securities and Exchange Commission

To request additional information, please contact us: