Treasury and Investments

The mission of the Treasury department is to provide quality management of the MWRD's financial resources by maximizing income on investments with minimal risk; issuing bonds to finance the wastewater collection, treatment, and flood control facilities’ capital needs; cost-effectively meeting the cash requirements of the MWRD’s  operations, utilizing appropriate technology and efficient banking practices; and maintaining the MWRD’s outstanding bond ratings.

 

The Treasury department has three major focuses:

 

  1. Cash and Investments: Cash Management includes timely provision of adequate funds for necessary MWRD disbursements through liquidity cash flow analysis by fund and  administration of inflows/outflows of cash via wire and transfers. Investment management is the investment of MWRD receipts and revenues, with emphasis on preservation of principal while maximizing yield through varying economic cycles.
     

  2. Debt: Debt Management includes issuance of bonds, making on-time payments to bond holders, maintaining an ongoing efficient debt structure, monitoring the debt service extension base capacity, and maintaining the MWRD’s outstanding bond ratings.
     

  3. Other Post Employment Benefits (“OPEB”) Trust: Treasury manages the assets of the MWRD’s Retiree Healthcare Trust subject to prudent investor standards and any requirements of federal law.

The MWRD is authorized to invest in securities as defined by the Public Funds Investment Act (30 ILCS 235). Details of all authorized securities are defined in the MWRD’s Investment Policy.

Becoming an Approved Bank or Broker/Dealer

Banks and broker/dealers must meet the criteria defined in the MWRD’s Investment Policy in order to be approved to conduct business with the MWRD. Please see the following requirements:

Bank Requirements

Checklist

Certificate of Acknowledgment

Collateral Requirements

Broker/Dealer Requirements

Checklist

Certificate of Acknowledgment

Approved Banks and Broker/Dealers

Approved Banks

Approved Broker/Dealers

Bond Financing

Bond Financing for the MWRD’s Capital Improvement Program

The MWRD benefits from:

  • AA+/Stable Outlook and AAA/Stable Outlook credit ratings (as of 5/27/16)

  • A proactive approach to addressing pension concerns, generous general fund reserves, diverse tax base and the flexibility to control costs.

  • Structurally balanced financial operations, manageable debt load, and history of prudent financial stewardship.

The MWRD issues bonds when capital requirements need to be met. Treasury ensures on-time payments to bond holders; maintains ongoing efficient debt structure; monitors the debt service extension base capacity; and maintains the MWRD’s outstanding credit ratings. For more on the MWRD’s debt management program, please click on the links below.

The full faith and credit of the MWRD is pledged to the punctual payment of the principal and interest on its General Obligation Bonds. The Unlimited Tax Bonds are payable from a designated property tax levy without limitation as to rate or amount. The limited Tax Bonds are payable from a designated property tax levy without limitation as to rate, but are limited as to amount. See definitions of Debt Service Base Extension Limitation in the offering documents. Funds raised by such levies are remitted directly to the MWRD Treasurer and immediately deposited in the bond and interest funds for payment of the bonds.

Current Ratings

Bond Ratings for 2016 Series A-F (as of 05/27/16)

MWRD General Obligation Bonds

Standard & Poors - AA+

Fitch Ratings* - AAA

*Fitch Ratings affirmed the District’s AAA rating on May 24,2018. 

Bond Ratings (as of 12/21/2018; excludes 2014 and 2016 Series of Bonds)

MWRD General Obligation Bonds

Moody's Investor Services - Aa2

Note: Clicking on the rating will direct you to the most recent published rating report from corresponding rating agency.

 

Official Statements

$426,260,000 General Obligation Capital Improvement Bonds Series of 2016

$295,805,000 General Obligation Capital Improvement Bonds of 2014

$400,000,000 General Obligation Capital Improvement Bonds of July, 2011

$600,000,000 General Obligation Capital Improvement Bonds of August, 2009 (Build America Bonds)

$188,315,000 General Obligation Series A of March, 2007

$193,705,000 General Obligation Series B and C of March, 2007

 

IRMA Disclosure

 

Eligible Lists for Underwriter, Financial Advisor and Counsel

As a result of the RFP process, the MWRD has published a list of eligible firms to act as underwriter, financial advisor, and counsel on upcoming bond sales.

Eligible Underwriters *The MWRD anticipates advertising its next Underwriter Services RFP in June 2019 to prepare for its new money bond sale in 2020.

Eligible Financial Advisors

Eligible Counsel

Green Bond Project Reporting

2018 Green Bonds Report
2017 Green Bonds Report