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SFPUC authorizes up to $1.1 billion refunding and up to $295 million taxable water bonds; approves credit facility for debt‑service reserves
Summary
Commission authorized up to $1.1 billion in refunding water revenue bonds (projected PV savings ~$121M), up to $295M in taxable new‑money bonds, and approved a bank credit facility to replace $87.47M in cash debt‑service reserves (MUFG) to free cash for capital projects.
Commissioners authorized major financing actions that staff said will lower long‑term costs and provide taxable funding for specific projects.
Eric Sandler, assistant general manager and CFO, described the day’s major financing items: authorization to issue up to $1.1 billion of Series AB refunding water revenue bonds (tax‑exempt senior lien, with estimated present‑value savings of…
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