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Council authorizes up to $45M in water and $36M in wastewater revenue bonds; ratings affirmed
Summary
City staff presented a bond financing plan to fund water and wastewater capital projects; council authorized resolutions to issue up to $45 million in water revenue bonds and up to $36 million in wastewater revenue bonds and received preliminary bond ratings.
Finance Director Kim Sit told the council the proposed financings would support a list of capital improvements included in the December 2024 rate study. The two resolutions would authorize issuance of up to $45 million in water revenue bonds and up to $36 million in wastewater revenue bonds.
Kim said the financing team had presented to Standard & Poor’s on Sept. 8 and that the city had just received ratings: the water bonds were assigned a "AA" rating with a positive outlook (an increase from double-A stable) and the wastewater bonds were reaffirmed at "AA+." Kim said those ratings are strong for a municipal agency of Corona’s size.
The staff report lists projects proposed for funding, including the Glen Ivy water treatment plant, Hidden Springs Road water line construction, Sierra Del Oro lift station and pipelines, and installation of a compliance flow meter at Water Reclamation Facility No. 1. Kim and the financing team answered council questions about the underwriting, municipal advisor role and next steps.
Council adopted the resolutions authorizing the financings. No speakers from the public requested to comment.
