WATER AND SEWER
BOND SALES
THE UNITED STATES
January-December 1967
U.S. DEPARTMENT OF THE INTERIOR
Federal Water Pollution Control Administration
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WATER AND SEWER
BOND SALES IN THE UNITED STATES
Janmnf-Deceiaber1967
FEDERAL WATER POLLUTION CONTROL ADMINISTRATION
Division of Pollution Surveillance
Washington, D.C. 20242
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Other Publications in the Series
Water and Sewer Bond Sales in the United States, 1966
Federal Water Pollution Control Administration
Publication No. WP-16
Water and Sewer Bond Sales in the United States, 1965
Federal Water Pollution Control Administration
Publication No. WP-16
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)
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CONTENTS
Page
Introduction 1
Total Bond Sales by Year (1957-1967) 2
Bond Sales (January-December 1967)
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 Dollar Size of the Issue 8
By Population Size 9
By Issuing Authority 9
m
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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 effi-
cient management of water supply and pollu-
tion control programs. It reflects, in a measure,
the extent of financing to fulfill these two im-
portant public services in a growing nation.
The report also provides a ready source of eco-
nomic reference for financial, investment and
banking interests; for the building and con-
tracting trades and professions; and for au-
thorities responsible for providing public water
supplies and sewerage systems. The publication
series, over the years, is a good indicator of
interest rate and construction cost trends in
these two types of public utility.
The tables supplement the annual publication
of contract award data, to be reported in
Sewage and Water Works Construction 1967.
Similar tables which describe bonds sold be-
tween July 1956 and December 1966 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 ac-
cording 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) COMBI-
NATION, to finance jointly water and sewage
facilities where the portions attributable to
each type are not designated. Data describing
bonds sold to finance other types of construc-
tion in combination with water and/or sewage
facilities construction are excluded. Data de-
scribing bonds sold to finance storm sewers are
omitted, although these data are available.
It should also be noted that these data de-
scribe only those sales reported to the Invest-
ment 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 respon-
sible 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 8-9
are presented by month, by dollar size of bond
issue, by population size, and by issuing au-
thority. The figures listed are weighted aver-
ages, data being weighted by dollar amount of
the issues. Similar tabulations are available for
the years 1959 through 1966.
Water and sewer bond sales for 1967 totaled
$1,673 million, 242 million above 1966. This is
the highest increase over any year. Bonds for
financing water facilities accounted for $946
million, while those for building sewage treat-
ment facilities and laying collecting sewers
amounted to $494 million. In addition, bonds
totaling $233 million were intended for use in
combination projects for both water and sewer-
age construction. California again had the larg-
est dollar volumes. Alaska, Arkansas, District
of Columbia, North Dakota, Puerto Rico and
West Virginia reported no sales.
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BOND SALES
1957-1967
(Million dollars)
BY YEAR
Total
Year
Number
!
1957 ! 1,414
1958 1 1,492
1959 1,312
1960 1,382
1961 1,442
1962 1,240
1963 1,533
1964 1,474
1965 1,230
1966 1,023
1967 . 1,122
Dollars
1,009
1,045
1,073
1,003
1,226
1,119
1,319
1,485
1,417
1,432
1,673
Water
Number
573
610
531
587
- 563
495
559
607
467
358
400
Dollars
483
405
530
499
545
418
613
769
657
731
'946
Sewer
Number
674
715
608
614
709
606
732
661
562
488
511
Dollars
408
526
433
389
570
594
524
551
560
515
494
Combination
Number
167
167
173
181
170
139
242
206
201
177
211
Dollars
118
114
110
115
111
107
181
165
200
185
233
BOND SALES
January-December 1967
(Thousand dollars)
BY MONTH
Month
January
February
March
April
May :...
June
July
August
September
October
November
December
Total
Total
Number
78
74
109
108
102
125
86
106
90
88
86
70
1,122
Dollars
83,040
80,076
241,709
151,035
79,246
208,991
157,236
122,336
189,968
83,260
194,378
81,960
1,673,235
Water
Number
24
24
36
39
39
45
24
38
37
31
41
22
400
Dollars
39,284
25,711
157,964
48,623
28,067
135,100
119,309
82,747
107.516
34,761
139,728
26,789
945,599
Sewer
Number
40
35
53
52
39
52
47
49
37
39
32
36
511
Dollars
28,619
42,953
54,434
87,256
32,045
57,811
25,561
31,729
39,074
25,763
25,089
43,991
494,325
Combination
Number
14
15
20
17
24
28
15
19
16
18
13
12
211
Dollars
15,137
11,412
29,311
15,156
19,134
16,080
12,366
7,860
43,378
22,736
29,561
11,180
233,311
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BOND SALES
January—December 1967
(Thousand dollars)
BY ISSUING AUTHORITY
Issuing authority
State
County
Municipality
Township
Special District
Statutory Authority
Total
Total
Number
12
51
795
50
132
82
1,122
Dollars
339,180
109,282
651,887
21,862
296,380
254,644
1,673,235
Water
Number
7
11
271
22
68
21
400
Dollars
322,330
15,653
243,210
5,148
217,351
141,907
945,599
Sewer
Number
5
35
351
27
51
42
511
Dollars
16,850
88,199
246,785
14,914
71,222
56,355
494,325
Combination
Number
5
173
1
13
19
211
Dollars
5,430
161,892
1,800
7,807
56,382
233,311
BOND SALES
January—December 1967
(Thousand dollars)
BY BOND ISSUE SIZE
Dollar size
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
81
102
177
270
191
145
106
26
24
1,122
Dollars
2,235
7,525
25,536
85,826
129,336
196,503
303,833
162,061
760,380
1,673,235
Water
Number
31
34
61
89
69
46
45
10
15
400
Dollars
813
2,455
8,690
27,556
47,686
61,739
131,290
57,370
608,000
945,599
Sewer
Number
38
50
89
119
84
75
38
12
6
511
Dollars
1,125
3,713
12,901
37,882
57,275
104,024
110,203
82,572
84,630
494,325
Combination
Number
12
18
27
62
38
24
23
4
3
211
Dollars
297
1,357
3,945
20,388
24,375
30,740
62,340
22,119
67,750
233,311
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BOND SALES
January—December 1967
(Thousand dollars)
BY STATE
State
Alabama .
Alaska
Arizona .
Arkansas . ..
California
Colorado
fJonn*>rti
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BOND SALES
January—December 1967
(Thousand dollars)
BY POPULATION OF ISSUING AUTHORITY
Population size
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
422
159
116
78
46
30
25
18
228
1,122
Dollars
162,339
127,593
111,429
143,725
70,887
79,558
124,242
483,585
369,867
"l, 673,235
Water
Number
132
60
41
33
21
8
11
7
87
400
Dollars
48,588
49,264
46,220
75,000
34,135
19,058
68,550
416,915
187,869
945,599
Sewer
Number
173
74
58
37
23
18
13
10
105
511
Dollars
55,479
59,407
41,184
44,960
29,852
52,601
42,892
46,720
121,230
494,325
Combination
Number
117
25
17
8
2
4
1
1
36
211
Dollars
58,272
18,922
24,025
23,765
6,900
7,899
12,800
19,950
60,778
233,311
BOND SALES
January-December 1967
(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
(Florida)
Rental Revenue
Utility Revenue
Secured By:
Special Tax Revenue
Total
Total
Number
626
30
55
58
3
15
320
2
8
5
1,122
Dollars
1,025,397
47,658
14,770
58,538
1,805
4,437
503,953
2,950
9,927
•3,800
1,673,235
Water
Number
241
7
15
20
1
1
108
6
1
400
Dollars
669,413
3,758
1,494
20,074
675
120
240,903
9,007
155
945,599
Sewer
Number
313
13
38
26
1
14
99
1
2
4
511
Dollars
301,955
33,820
13,024
27,104
430
4,317
108,610
500
920
3,645
494,325
Combination
Number
72
10
2
12
1
113
1
211
Dollars
54,029
10,080
252
11,360
700
154,440
2,450
233,311
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GENERAL OBLIGATION BOND SALES
January-December 1967
(Thousand dollars)
BY NET INTEREST COST RANGES
Net interest cost
range midpoint
3000
3.250
3.500
3.750
4.000
4.250
4.500
4.750
5.000
5.250
5.500
5.750
6.000
6250
6500
N.I.C. unknown
Total
Total
Number
3
14
39
55
94
104
69
46
32
9
16
5
7
1
4
289
787
Dollars
1,420
21,447
29,384
212,784
325,961
69,799
54,048
144,752
17,924
3,486
18,120
5,310
2,194
310
10,150
235,516
1,152,605
Water
Number
3
3
19
10
33
37
15
11
14
6
7
3
4
1
4
115
285
Dollars
1,420
5,210
12,425
152,813
230,756
29,540
15,568
109,847
11,487
2,401
9,796
2,630
1,625
310
10,150
99,556
695,534
Sewer
Number
9
15
38
46
53
43
31
14
1
7
1
2
145
405
Dollars
15,197
14,428
53,218
88,357
30,198
27,289
14,289
3,452
310
7,753
430
562
125,167
380,650
'Combination
Number
2
5
7
15
14
11
4
4
2
2
1
1
29
97
Dollars
1,040
2,531
6,753
6,848
10,061
11,191
20,616
2,985
775
571
2,250
7
10,793
76,421
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REVENUE BOND SALES
January-December 1967
(Thousand dollars)
BY NET INTEREST COST RANGES
Net interest cost
range midpoint
3.000
3.250
3,500
3.750
4.000
4.250
4.500
4.750
5.000
5.250
5.500
5.750
6.000
6.250
6.500
N.I.C. unknown ....
Total
Total
Number
1
8
13
28
41
39
29
36
20
17
7
3
93
335
Dollars
700
55,579
22,660
41,451
90,215
67,053
41,130
85,773
27,123
14,365
4,835
2,770
66,976
520,630
Water
Number
1
4
7
15
16
9
11
9
6
4
4
2
27
115
Dollars
700
32,335
18,625
16,121
54,710
4,950
19,239
64,345
14,927
6,730
1,255
1,295
14,833
250,065
Sewer
Number
3
7
16
15
3
14
5
5
1
1
36
106
Dollars
2,330
19,880
19,355
13,368
1,188
9,388
2,570
4,965
540
1,475
38,616
113,675
Combination
Number
4
3
6
9
15
15
13
9
8
2
30
114
Dollars
23,244
1,705
5,450
16,150
48,735
20,703
12,040
9,626
2,670
3,040
13,527
156,890
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BOND SALES
NET INTEREST COST
January-December 1967
(Percent)
BY MONTH
Month
January
February
March
April
May
June .
July
August
September
October
November
December .
Total
General
obligation
4.37
3.80
3.82
3.94
4.37
4.13
4.21
4.02
4.16
4.46
4.65
4.70
Revenue
4.11
4.20
3.76
4.01
4.32
4.39
4.60
4.50 -
4.79
4.76
5.03
5.47
Water
General
obligation
4.96
3.92
3.78
3.84
4.78
4.12
4.22
3.95
4.26
4.67
4.66
5.06
Revenue
4.12
3.92
3.73
3.95
4.10
4.28
4.74
4.43
4.91
4.61
5.08
5.44
Sewer
General
obligation
3.86
3.70
3.94
3.91
4.17
4.17
4.10
4.16
4.06
4.31
4.60
4.41
Revenue
4.38
4.07
4.47
4.17
4.48
4.50
4.48
4.69
4.21
4.59
5.05
5.66
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BOND SALES
NET INTEREST COST
January—December 1967
(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
4.38
4.34
4.32
4.36
4.25
4.18
4.17
4.39
4.12
Revenue
4.88
4.80
4.83
4.77
4.58
4.53
4.45
4.25
4.47
Water
General
obligation
4.42
4.27
4.15
4.51
4.45
4.31
4.34
4.91
4.11
Revenue
5.10
5.29
4.78
4.71
4.40
4.48
4.28
4.36
4.56
Sewer
General
obligation
4.35
4.41
4.39
4.34
4.09
4.07
3.94
4.10
3.97
Revenue
4.06
4.56
4.94
4.67
4.81
4.53
4.86
4.08
BOND SALES
NET INTEREST COST
January—December 1967
(Percent)
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
General
obligation
4.34
4.12
4.00
4.01
4.10
4.05
3.86
4.16
4.66
Revenue
4.74
4.65
4.40
4.29
4.15
3.87
3.70
4.57
Water
General
obligation
4.32
4.33
4.05
4.09
4.22
3.85
3.88
414
5.26
Revenue
4.70
4.36
4.09
4.19
4.29
3.73
4.60
Sewer
General
obligation
4.32
4.02
3.99
3.83
3.96
4.11
3.82
3.81
4.21
Revenue
4.68
4.91
4.40
4.04
4.35
4.28
4.49
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BOND SALES
NET INTEREST COST
January-December 1967
(Percent)
BY ISSUING AUTHORITY
Issuing Authority
State
County
Municipality . .
Township
Special district
Statutory authority ...
Total
General
obligation
4.16
4.18
4.10
4.37
4.30
4.90
Revenue
4.83
4.33
5.00
4.91
4.51
Water
General
obligation
4.16
4.16
4.04
4.60
4.41
5.25
Revenue
4.76
4.20
4.87
5.24
4.46
- Sewer
General
obligation
4.19
4.00
4.33
4.01
4.41
Revenue
4.36
4.43
4.35
4.47
*U.S. Government Printing Office: 1968 O—311-479
10
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