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California Pooled Revenue Bond Programs
(Water, Sewer, & Redevelopment Projects)
Happy Holidays to all!
We would like to announce another successful sale for the California Water and Wastewater Revenue Program. The $17,795,000 Series 2005D Bonds brings the total par amount issued by the Pooled Revenue Bond Program to nearly $400 million in 22 series of Bonds for 55 California municipal cities and agencies. The net interest cost was 4.53% with a final maturity of 2036.
Congrats to the Series D borrowers for locking in these low interest rates. Welcoming the City of South San Francisco as a new participant to provide additional funding for its wastewater treatment plant expansion and welcoming back both the cities of Calistoga to finance a new water tank and refinance its outstanding water bonds and Healdsburg to refinance its outstanding water and sewer loans for savings (and a bonus of a lower coverage requirement for its sewer fund!).
And now for the New 2006 Pools…..
There is currently a Redevelopment Agency Pool forming for sale in March 2006 to enjoy low costs of issuance and economies of scale for the issuance of tax allocation bonds. (Click here for application).
The last Redevelopment Pool included the redevelopment agencies of the cities of Claremont, West Sacramento, and Lakeport. All benefited by pooling for both taxable and tax-exempt projects through available surety bonds, low insurance premiums and volume pricing….
“AAA” California Interest Rates (11/30/05)
20 year (2026) 4.60%
30 year (2036) 4.75%
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