The 800-Pound Gorilla!!!
About $30-$40 billion of w/w projects are financed each year. About 90%–95% of these funds come-one way or another-from the municipal bond market.
Of this 90%–95%, about 85% comes from the market “directly”. This means that w/w systems issue municipal bonds, themselves, to fund their projects. The other 5%–10% comes from municipal bonds that are issued by 50 state agencies (plus Puerto Rico) that manage the Safe Drinking Water State Revolving Fund (SDWSRF) and/or the Clean Water State Revolving Fund (CWSRF), collectively known as the SRFs. Let me explain.