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La Habra authorizes water revenue refunding bonds; officials warn market volatility could reduce savings
Summary
The council authorized resolutions allowing the La Habra Utility Authority to issue 2025 water revenue refunding bonds to refinance 2013 bonds and potentially save the water utility money, but staff said recent market volatility has reduced projected savings and timing is uncertain.
The La Habra City Council and the La Habra Utility Authority voted April 21 to authorize proceedings that would allow the utility authority to issue water revenue refunding bonds, series 2025, to refinance outstanding 2013 water revenue bonds if market conditions permit.
City staff and the financing team told the council the proposed refunding would use net revenues of the water system (not the general fund) and would not extend the bonds' maturity beyond the existing final maturity date of Nov. 1, 2043. James Sabian, the municipal advisor on the project, said staff had secured a double-A rating on the water system and presented an analysis showing potential savings under…
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