As of June 30, 2018, the Water Authority has approximately $1.84 billion of long-term debt outstanding. Long-term debt is in the form of fixed-rate revenue bonds, with final maturities at the time of issuance in the 20 to 40-year range. The Subordinate Lien Water Revenue Refunding Bonds Series 2016S-1, are 5-year bonds maturing in 2021 and are included below as an outstanding long-term liability. Most of these bonds (except for the Series 2010B Water Revenue Bonds) are tax-exempt. The Series 2010B Water Revenue Bonds were issued as taxable bonds pursuant to the “Build America Bonds” stimulus program created under the federal “American Recovery and Reinvestment Act of 2009”.  In January 2019, the Water Furnishing Revenue Bonds Series 2019 Pipeline Bonds, refunded the outstanding Series 2012 Pipeline Bonds. The Water Furnishing Revenue Bonds Series 2019 are subordinate to the pledge of Net Water Revenues for payment of Water Revenue Bonds and Certificates of Participation, Contracts, Reimbursement Obligations, and Subordinate Obligations.