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SFPUC authorizes up to $675 million in wastewater revenue bonds to fund capital projects
Summary
The commission authorized the issuance of Series 2018 A, B and C wastewater revenue bonds (not to exceed $675 million) to fund upcoming wastewater capital projects, with staff citing alternatives like SRF and a WIFIA loan; staff estimated a true interest cost near 3.4% and modest rate impacts.
SAN FRANCISCO
The San Francisco Public Utilities Commission on July 10 authorized the issuance of up to $675 million in wastewater revenue bonds (Series 2018 A, B and C) to finance capital work in the wastewater enterprise.
Presenting staff described a three-part financing approach: fixed-rate senior lien bonds (Series A and B), and a long-dated Series C put bond with a five-year initial put feature intended to capture short-end yield advantages while preserving the option to remarket or convert to long-term…
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