The San Diego County Water Authority this week completed a $139.9 million bond sale that will help reduce the cost of financing vital water supply reliability projects.
The sale, Senior Lien Water Revenue Refunding Bonds Series 2011A, refunded $150 million in long-term fixed-rate bonds from the agency’s 2002A series. High competition for the bonds led to securing a low, fixed rate of 3.22 percent, which will save the Water Authority $13.5 million on a present-value basis over the 15-year life of the bonds.
The San Diego County Water Authority Board of Directors today approved key terms for purchasing water from the nation's largest seawater desalination facility in Carlsbad.
Today's action enables Water Authority staff to begin negotiating specific elements for a water purchase agreement with Poseidon Resources, the private firm developing the Carlsbad Desalination Project. These elements include water purchase price, allocation of risk and options to eventually purchase the project's pipeline and the entire desalination plant.
The San Diego County Water Authority has signed a 20-year agreement with San Diego-based Borrego Solar Systems, Inc. to install and operate solar electric power systems at three major Water Authority facilities. Based on today’s energy costs, the Water Authority’s energy cost savings is estimated at nearly $1.7 million over the life of the contract.
The San Diego County Water Authority on Wednesday successfully completed bond sales of $627 million to provide continued funding for the Water Authority’s Capital Improvement Program (CIP). High investor demand for the bonds helped the Water Authority secure very low interest rates that will save its ratepayers over $50 million in financing costs on a present value basis over the life of the bonds.
The San Diego County Water Authority Board of Directors today voted to adopt a position of support for an $11.14 billion state water bond, which will appear on the November 2, 2010 ballot.
The bond measure is part of a historic legislative package approved by the California Legislature and signed by the Governor in November 2009. The package addressed long-term improvements in statewide water management and water supply reliability, particularly in the Sacramento-San Joaquin Bay-Delta, the source of up to 30 percent of the San Diego region’s water supply.
The San Diego County Water Authority has been awarded the Distinguished Budget Presentation Award for its Fiscal Year 2010 and 2011 budget by the Government Finance.
Officers Association of the United States and Canada (GFOA). The award, the 12th to be received by the Water Authority, is considered the highest form of recognition in governmental budgeting. The agency also received the 2010 Excellence in Budgeting Award from the California Society of Municipal Finance Officers (CSMFO).
The San Diego County Water Authority Board of Directors today voted to adopt a position of oppose on Proposition 16, a statewide initiative that would amend the state constitution to require a two-thirds super-majority vote before a public agency could provide electric delivery service to new customers. The measure is on the June 8, 2010 statewide primary election ballot.
The San Diego County Water Authority Board of Directors today adopted rates and charges for water purchased in calendar year 2011 by the Water Authority’s 24 member retail agencies. The total Municipal and Industrial cost of treated water will rise to $1,026 per acre-foot, effective January 1. That is an increase of $104, or 11.3 percent.
After weighing a number of options designed to ensure the successful construction of the nation’s largest seawater desalination plant, the San Diego County Water Authority Board of Directors today directed the agency’s staff to return to its July 22 meeting with draft terms and conditions for purchasing water directly from the Carlsbad Desalination Project, currently being developed by Poseidon Resources.