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Board approves issuance of up to $80 million in water revenue bonds for county water projects
Summary
The Board approved a resolution authorizing the Sacramento County Water Financing Authority to issue Series 2025 water revenue bonds to fund Arden-area water distribution work and treatment plant recoating projects, with staff recommending a competitive sale and a par amount of about $63.7 million.
The Sacramento County Board of Supervisors on Feb. 25 authorized the issuance by the Sacramento County Water Financing Authority of Series 2025 revenue bonds in an amount not to exceed $80 million to finance distribution and treatment projects for the county water system.
County debt officer Colin Bettis presented the financing plan. Staff recommended a competitive sale for bonds rated AA- by S&P, citing the moderate size of the transaction, recent comparable competitive sales and the county's strong water-credit metrics. Bettis said the bonds would be fixed-rate, tax-exempt securities with a final maturity just over 30 years, paid from water system revenues (not a pledge of the general fund).
Estimated terms presented to the board included a par amount of approximately $63.7 million, a planned project deposit of about $61.0 million for the Arden service-area distribution realignment and meter-installation program and two treatment-plant recoating projects, and a capitalized interest fund to finance debt service through Dec. 2026. Staff described a tentative schedule: posting a preliminary official statement the day after board approval, expected pricing March 4 and closing March 19, 2025.
Supervisors noted market factors and competitive vs. negotiated sale considerations; Bettis said each future issuance would be considered on a deal-by-deal basis. The motion to approve the bond issuance and related actions was moved and passed unanimously.
