WATER AND SEWER
BOND SALES
THE UNITED STATES
January-December 1965
U.S. DEPARTMENT OF THE INTERIOR
Federal Water Pollution Control Administration
-------
WATER AND SEWER
BOND SALES IN THE UNITED STATES
January-December 1965
FEDERAL WATER POLLUTION CONTROL ADMINISTRATION
BaskDttaPnirw
WastbftM,D.C. 28203
-------
Other Publications in the Series
Water and Sewer Bond Sales in the United States, 1964
Public Health Service Publication No. 965
Water and Sewer Bond Sales in the United States, 1963
Public Health Service Publication No. 965
Water and Sewer Bond Sales in the United States, 1962
Public Health Service Publication No. 965
Water and Sewer Bond Sales in the United States, 1961
Public Health Service Publication No. 965
Water and Sewer Bond Sales in the United States, 1960
Public Health Service Publication No. 837
Water and Sewage Bond Sales in the United States
January-December 1959
Public Health Service (Unnumbered Publication)
Water and Sewage Bond Sales in the United States
July 1956-June 1959
Public Health Service (Unnumbered Publication)
WP-16
(Formerly Public Health Service Publication No. 965)
-------
CONTENTS
Page
Introduction _._ 1
Total Bond Sales by Year (1957-1965) 2
Bond Sales (January-December 1965)
Number and Dollar Value of Issues:
By Month 2
By Issuing Authority 3
By Bond Issue Size... 3
By State _ 4
By Population Size 5
By Type of Issue 5
By Net Interest Cost Ranges:
General Obligation Bonds 6
Revenue Bonds 7
Net Interest Cost (Weighted Average):
By Month _ 8
By Moody Rating 8
By Dollar Size of the Issue 9
By Population Size 9
By Issuing Authority 10
iii
-------
INTRODUCTION
This annual report of Water and Sewer Bond
Sales in the United States contains data which are
basic and necessary to the orderly and efficient
management of water supply and pollution control
programs. It reflects, in a measure, the extent of
financing to fulfill these two important public
services in a growing nation. The report also
provides a ready, source of economic reference for
financial, investment and banking interests; for
the building and contracting trades and profes-
sions; and for authorities responsible for providing
public water supplies and sewerage systems. The
publication series, over the years, is a good indi-
cator of interest rate and construction cost trends
in these two types of public utility.
The tables supplement the annual publication of
contract award data, last reported in Sewage and
Water Works Construction 1965. (Publication No.
WP-15.) Similar tables which describe bonds sold
between July 1956 and December 1964 are avail-
able. The basic information from which these tables
were developed was obtained from the Investment
Bankers Association by special arrangement. It is
believed these tables present information not
otherwise readily available.
Data are presented in three categories according
to the use of the proceeds from the sale: (1)
WATER when the bonds have been sold to finance
water facilities; (2) SEWER, to finance sewage
facilities; and (3) COMBINATION, to finance
jointly water and sewage facilities where the por-
tions attributable to each type are not designated.
Data describing bonds sold to finance other types
of construction in combination with water and/or
sewage facilities construction are excluded. Data
describing bonds sold to finance storm sewers are
omitted, although these data are available.
It should also be noted that these data describe
only those sales reported to the Investment Bankers
Association or assembled by that Association from
available documents. Locally negotiated sales that
may not be reported in bond publications or by
State agencies responsible for controlling municipal
bond sales are not included. Thus, these tabulations
need to be considered as meaning "at least this
much." By dollar value of sales, coverage is believed
to be nearly complete.
Net interest cost figures shown on pages 8-10 are
presented by month, by Moody rating, by dollar
size of the bond issue, by population size, and by
issuing authority. The figures listed are weighted
averages, data being weighted by dollar amount
of the issues. Similar tabulations are available for
the years 1959 through 1964.
Water and sewer bond sales for 1965 totaled
$1,417 million which was 5 percent under 1964.
Bonds for financing water facilities accounted for
$657 million, while those for building sewage treat-
ment facilities and laying collecting sewers amounted
to $560 million. In addition, bonds totaling $200
million were intended for use in combination projects
for both water and sewerage construction. California
again had the largest dollar volume as well as num-
ber of issues. Puerto Rico, and the District of
Columbia reported no sales.
1
-------
TOTAL BOND SALES
1957-1965
(Million dollars)
BY YEAR
Year
1957
1958
1959 . ._
I960
1961 : --
1962
1963
1964 _
1965
Total
Number
1,414
1,492
1,312
1,382
1,442
1,240
1,533
1,474
1,230
Dollars
1,009
1,045
1,073
1,003
1,226
1,119
1,319
1,485
1,417
Water
Number
573
610
531
587
563
495
559
607
467
Dollars
483
405
530
499
545
418
613
769
657
Sewer
Number
674
715
608
614
709
606
732
661
562
Dollars
408
526
433
389
570
594
524
551
560
Combination
Number
167
167
173
181
170
139
242
206
201
Dollars
118
114
110
115
111
107
181
165
200
BOND SALES
January-December 1965
(Thousand dollars)
BY MONTH
Month
January
February
March __ _ __
April
May
June __
July
August -
September
October - _
November
December
Total
Total
Number
119
80
109
83
110
119
107
99
124
97
107
76
1,230
Dollars
147,197
197,078
88,287
67,373
117,702
123,172
57,386
95,771
102,621
76,196
225,712
118,193
1,416,688
Water
Number
46
27
46
28
43
35
38
37
51
41
42
33
467
Dollars
64,148
46,879
40,660
20,542
48,653
56,663
20,809
63,909
48,773
21,816
160,991
62,899
656,742
Sewer
Number
53
48
46
46
52
59
48
43
55
39
43
30
562
Dollars
60,807
146,834
29,729
40,996
58,126
37,719
20,201
19,120
43,126
34,835
25,779
42,224
559,496
Combination
Number
20
5
17
9
15
25
21
19
18
17
22
13
201
Dollars
22,242
3,365
17,898
5,835
10,923
28,790
16,376
12,742
10,722
19,545
38,942
13,070
200,450
-------
BOND SALES
January-December 1965
(Thousand dollars)
BY ISSUING AUTHORITY
Issuing Authority
State -.
County
Municipality
Township ..
Special district
Statutory authority
Total .._
Total
Number
5
38
842
28
225
92
1,230
Dollars
203,135
73,327
680,685
11,726
253,688
194,127
1,416,688
Water
Number
2
13
303
9
109
31
467
Dollars
100,135
21,808
275,979
2,971
152,240
103,609
656,742
Sewer
Number
3
22
367
16
105
49
562
Dollars
103,000
48,001
242,067
7,460
94,728
64,240
559,496
Combination
Number
3
172
3
11
12
201
Dollars
3,518
162,639
1,295
6,720
26,278
200,450
BOND SALES
January-December 1965
(Thousand dollars)
BY BOND ISSUE SIZE
Dollar size of bond issue
Under 50,000 -_
50,000-100,000 ..
100,000-200,000
200,000-500,000. .
500,000-1,000,000
1,000,000-2,000,000
2,000,000-5,000,000.
5,000,000-10,000,000
Over 10,000,000
Total .__
Total
Number
120
122
205
284
206
141
102
30
20
1,230
Dollars
3,295
' 8,491
28,362
86,550
137,766
192,138
300,159
190,552
469,375
1,416,688
Water
Number
47
45
95
115
53
50
32
15
15
467
Dollars
1,333
3,068
12,586
34,423
36,657
67,555
94,305
93,950
312,865
656,742
Sewer
Number
60
63
76
123
108
66
53
10
3
562
Dollars
1,599
4,494
10,934
37,709
70,918
90,315
158,407
62,120
123,000
559,496
Combination
Number
13
14
34
46,
45
25
17
5
2
201
Dollars
363
929
4,842
14,418
30,191
34,268
47,447
34,482
33,51Q,
200,450
-------
BOND SALES
January-December 1965
~'jf
(Thousand dollars)
BY STATE
State
•
Alabama -
Alaska
Arizona .
Arkansas ,,..,.-- ...
California .- -
Colorado ..
Connecticut ;
District of Columbia. • . .
Delaware „
Florida --
Georgia - '
Hawaii - -
Malm
Illinois?
Tndiartu
Iowa. -
Kansas , ,. . - -,
Kentucky
T/HiJRiana . -,
Maine •
Maryland. _.
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada ,
New Hampshire
New Jersey - .
New Mexico
New York
North Carolina
North Dakota
Ohio.. .
Oklahoma •
Oregon . . .
Pennsylvania
Puerto Rico .
Rhode Island
South Carolina
South Dakota ..
T«nn«>f!fH*> ,
Texas.—- - .
Utah..
Vermont
Vii'ginifi
Washington
West Virginia . .. .
Wisconsin
Wyoming
Total
Total
Number
10
4
9
1
96
17
18
8
29
8
2
2
55
31
20
35
36
31
5
10
81
87
50
19
25
5
4
9
10
51
4
52
41
2
55
35
29
69
6
14
6
15
73
2
4
8
27
4
15
1
1,230
Dollars
14,961
1,283
16,606
3,224
328,381
21,646
16,337
2,635
48,475
11,740
5,000
2,753
56,276
29,866
11,673
9,232
38,953
21,076
2,906
15,940
36,511
82,260
21,665
11,107
33,272
1,118
5,235
6,450
4,072
46,662
2,575
50,936
37,585
915
38,418
44,114
9,995
107,573
9,175
12,555
3,295
11,306
98,116
2,140
1,709
5,435
46,735
4,100
22,446
250
1,416,688
Water
Number
7
2
2
50
10
3
2
7
1
2
1
20
7
4
11
17
13
4
3
41
36
20
7
6
1
2
2
5
22
3
28
14
1
18
24
16
16
3
1
2
5
15
1
1
5
1
4
1
467
Dollars
11,058
805
12,000
182,960
17,800
6,550
825
22,175
2,000
5,000
2,540
28,287
2,864
5,330
6,559
24,434
14,829
2,626
6,800
20,192
28,011
4,792
7,987
21,689
210
3,535
450
1,295
7,694
2,325
39,555
13,911
575
18,905
39,344
4,729
11,693
3,225
2,150
400
4,890
43,005
1,100
950
13,923
1,620
2,895
250
656,742
Sewer
Number
2
3
43
5
15
6
9
1
18
24
16
24
11
17
1
5
40
45
27
4
11
4
2
7
5
23
1
22
25
33
8
13
46
3
3
4
8
4
1
9
3
11
562
Dollars
478
1,060
141,866
3,105
9,787
1,810
12,715
1,725
16,002
27,002
6,343
2,673
7,972
6,095
280
8,330
16,319
62,072
15,268
1,347
8,626
908
1,700
6,000
2,777
24,016
250
9,826
23,424
17,901
4,386
5,266
55,345
5,950
1,270
2,895
3,945
1,709
1,615
27,407
2,480
19,551
559,496
Combination
•*
Number
3
4
1
3
2
13
6
1
17
8
1
2
6
3
8
8
6
2
2
1
4
3
7
10
10
50
1
6
13
201
Dollars
3,903
3,546
3,224
3,555
741
13,585
8^015
213
11,987
6,547
152
810
2,177
1,605
1,773
2,957
14,952
1,555
250
340
1,612
384
40,535
9,135
6,416
51,166
1,040
2,870
5,405
200,450
-------
BOND SALES
January-December 1965
(Thousand dollars)
BY POPULATION OF ISSUING AUTHORITY
Population size of issuing authority
Under 10,000
10,000-25,000
25,000-50,000 .
50,000-100,000
100,000-250,000
250,000-500,000
500,000-1,000,000 :
Over 1,000,000
Unidentified- • .
Total -..
Total
Number
453
173
88
75
41
29
20
22
329
1,230
Dollars
135,137
156,125
119,493
119,749
65,266
85,570
60,761
324,115
350,472
1,416,688
Water
Number
161
58
35
29
22
9
9
7
137
467
Dollars
42,223
61,806
71,103
46,716
48,906
43,775
32,995
143,425
165,793
656,742
Sewer
Number
188
79
46
38
17
18
8
13
155
562
Dollars
54,585
63,004
37,721
54,398
13,188
31,995
11,663
147,180
145,762
559,496
Combination
Number
104
36
7
8
2
2
3
2
37
201
Dollars
38,329
31,315
10,669
18,635
3,172
9,800
16,103
33,510
38,917
200,450
BOND SALES
January-December 1965
(Thousand dollars)
BY TYPE OF ISSUE
Type of issue
General obligation bonds
Unlimited Tax .
Unlimited Tax Secured By:
Utility Revenue
Special Assessment
Limited Tax
Limited Tax Secured By:
Utility Revenue
Special Assessments „
Revenue bonds
Utility Revenue
Special Tax Revenue
Rental Revenue
Total
Total
Number
690
1
40
54
2
11
417
8
7
1,230
Dollars
767,117
420
12,447
52,518
3,415
5,193
565,544
6,755
3,279
1,416,688
Water
Number
280
1
10
24
1
2
146
1
2
467
Dollars
339,822
420
2,204
33,002
3,150
66
276,924
188
966
656,742
Sewer
Number
353
28
27
1
8
134
7
4
562
Dollars
370,474
9,720
17,641
265
4,808
147,935
6,567
2,086
559,496
Combination
Number
57
2
3
1
137
1
201
Dollars
56,821
523
1,875
319
140,685
227
200,450
-------
GENERAL OBLIGATION BOND SALES
January-December 1965
(Thousand dollars)
BY NET INTEREST COST RANGES
Net interest cost range
midpoint (percent)
•
2.000 -.
2.250 _.
2.500
2.750
3.000
3.250 .
3.500
3.750
4.000
4.250
4.500
4.750...,.—
5.000.- 1
5.250
5.500
5.750.
N.I.C. unknown
Total
Total
Number
2
14
125
178
152
103
58
22
12
6
2
3
2
1
118
798
Dollars
1,466
7,557
187,442
133,484
248,897
181,743
33,231
5,246
5,465
4,199
235
1,650
880
875
28,740
841,110
Water
Number
2
5
50
67
64
50
21
9
8
3
2
1
2
34
318
Dollars
1,466
4,969
114,136
38,032
55,044
135,524
15,193
1,041
3,745
2,815
235
200
880
5,384
378,664
Sewer
Number
9
72
99
78
40
30
13
3
3
2
68
417
Dollars
2,588
70,153
80,720
166,639
39,947
14,707
4,205
1,690
1,384
1,450
19,425
402,908
Combination
Number
3
12
. 10
13
7
1
1
16
63
Dollars
3,153
14,732
27,214
6,272
3,331
30
875
3,931
59,538
-------
REVENUE BOND SALES
January-December 1965
(Thousand dollars)
BY NET INTEREST COST RANGES
Net interest cost range
midpoint (percent)
2.000
2.250
2.500
2.750
3.000---
3.250
3.500
3.750_
4.000
4.250
4.500
4.750
5.000
5.250 '.
5.500
5.750
N.I.C. Unknown
Total
Total
Number
1
9
30
67
112
58
35
7
6
6
2
2
97
432
Dollars
1,200
20,941
71,714
146,293
149,516
69,899
65,745
3,134
5,220
1,719
570
1,700
37,927
575,578
Water
Number
1
6
17
22
29
14
8
4
3
4
2
39
149
Dollars
1,200
4,041
50,099
76,816
52,305
34,202
38,258
2,267
2,945
1,315
570
14,060
278,078
Sewer
Number
1
7
22
53
24
12
2
2
1
21
145
Dollars
1,900
9,715
38,507
67,260
18,141
7,170
667
440
191
12,597
156,588
Combination
Number
2
6
23
30
20
15
1
1
1
2
37
138
Dollars
15,000
11,900
30,970
29,951
17,556
20,317
200
1,835
213
1,700
11,270
140,912
-------
BOND SALES
NET INTEREST COST
January-December 1965
(Percent)
BY MONTH
Month
January
February - __--
March --
April .. ------
May -
June - - - -
July
August
September - - --
October
November -_
December
Total
General
obligation
3.08
3.38
3.30
3.18
3.41
3.50
3.60
3.41
.3.50
3.63
3.66
3.67
Revenue
3.40
3.50
3.47
3.67
3.48
3.77
3.75
3.60
3.82
3.86
3.98
3.86
Water
General
obligation
3.09
3.11
3.34
3.10
3.32
3.35
3.80
3.40
3.42
3.76
3.71
3.72
Revenue
3.35
3.40
3.42
3.44
3.32
3.67
3.70
3.57
3.71
4.44
4.07
3.81
Sewer
General
obligation
3.07
3.44
3.30
3.23
3.49
3.52
3.44
3.43
3.54
3.42
3.50
3.65
Revenue
3.67
3.69
3.64
3.70
3.58
3.77
3.80
3.58
4.09
3.83
3.65
3.97
BOND SALES
NET INTEREST COST
January-December 1965
(Percent)
BY MOODY RATING
Moody rating
AAA
AA
A
BAA
BA
B . .
TTnkno'vim
Total
General
obligation
3.08
3.40
3.32
3.57
3.96
5.32
3.68
Revenue
3.69
3.29
3.50
3.80
3.94
3.92
Water
General
obligation
3.11
3.43
3.26
3.62
3.99
5.41
3.65
Revenue
3.69
3.38
3.50
3.87
4.04
Sewer
General
obligation
3.06
3.38
3.32
3.55
3.94
5.20
3.68
Revenue
3.44
3.58
3.72
3.94
3.76
-------
BOND SALES
NET INTEREST COST
January-December 1965
(Percent)
BY DOLLAR SIZE OF ISSUE
Dollar size of bond issue
Under 50,000
50,000-100,000..-
100,000-200,000
200,000-500,000
500,000-1,000,000 ..
1,000,000-2,000,000 .
2,000,000-5,000,000 -
5,000,000-10,000,000
Over 10,000,000
Total
General
obligation
3.58
3.50
3.50
3.49
3.52
3.44
3.34
3.31
3.48
Revenue
4.13
3.66
3.96
3.88
3.83
3.74
3.67
3.51
3.75
Water
General
obligation
3.59
3.50
3.58
3.52
3.51
3.51
3.34
3.29
3.49
*
Revenue
4.20
3.33
3.99
3.93
3.73
3.72
3.46
3.54
3.75
Sewer
General
obligation
3.53
3.50
3.42
3.44
3.45
3.41
3.34
3.33
3.48
Revenue
3.92
3.98
3.87
3.81
3.68
3.71
3.59
BOND SALES
NET INTEREST COST
January-December 1965
(Percent)
BY POPULATION SIZE OF ISSUING AUTHORITY
Population size of issuing
authority
Under 10,000
10,000-25,000
25,000-50,000
50,000-100,000
100,000-250,000
250,000-500,000
500,000-1,000,000
Over 1,000,000 .
Unidentified
Total
General
obligation
3.62
3.33
3.32
3.28
3.14
3.21
3.23
3.53
3.58
Revenue
3.87
3.69
3.64
3.81
3.53
3.36
2.95
3.56
3.84
Water
General
obligation
3.60
3.16
3.36
3.25
3.16
3.19
3.26
3.71
3.50
Revenue
3.86
3.64
3.67
3.93
3.54
3.33
3.56
3.86
Sewer
General
obligation
3.60
3.49
3.28
3.29
3.12
3.22
3.16
3.41
3.69
Revenue
3.86
3.59
3.55
3.79
3.71
-------
BOND SALES
NET INTEREST COST
January-December 1965
(Percent)
BY ISSUING AUTHORITY
Issuing authority
State -
County -i
Municipality
Township ^ , ,
Special district- ,. ,
Statutory authority
Total
General
obligation
3.60
3.42
3.32
3.50
3.47
3.55
Revenue
4.22
3.60
4.11
3.83
3.79
Water
General
obligation
3.72
3.50
3.27
3.53
3.40
3.55
Revenue
4.22
3.55
4.50
3.84
3.76
Sewer
General
obligation
3.49
3.42
3.31
3.48
3.57
Revenue
3.68
4.05
3.80
3.72
10
* TJ. S. GOVERNMENT PRINTING OFFICE : 1966 O - 217-910
------- |