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 ------- |