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Credit Agencies Cite Water Authority Diversification, Reliability for Strong Ratings

The three major U.S. rating agencies reported strong credit ratings and credit quality for the San Diego County Water Authority kicking off 2022. Newly released analysis by Fitch Ratings, S&P Global, and Moody’s allow the Water Authority to optimize its debt portfolio and minimize the cost of financing vital water reliability projects. The ratings reports were issued Jan. 27 in anticipation of Water Authority plans to sell $170 million of bonds the week of Feb. 7. Proceeds will be used to finance a portion of the design, acquisition, and construction of various capital projects. All three rating agencies highlighted the […]

Water Authority Executes $139.9 Million Senior Lien Bond Sale

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.

Water Authority Board Approves Terms and Conditions for Negotiating Carlsbad Desalination Project Water Purchase Agreement

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.

Water Authority to Install Solar Power Systems at Three Facilities

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.

Water Authority Executes $627 Million Bond Sale

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.

Water Authority Board Supports $11.14 Billion State Water Bond

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.

Water Authority Wins Awards for Budgeting and Fiscal Management

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).

Water Authority Board Adopts Position of Oppose on Proposition 16

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.

Water Authority Adopts 11.3 Percent Treated Water Rate Increase for 2011

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.

Water Authority Board to Pursue Terms for Water Purchase Agreement with Poseidon Resources

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.