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SFPUC authorizes up to $450 million in water revenue refunding bonds to lower debt costs
Summary
The commission approved authorization to refinance up to $450 million of outstanding water revenue bonds (2006A and portions of 2009 A/B), aiming to lower interest rates and produce an estimated $12–14 million in annual debt‑service savings and roughly $53 million in total savings over the next several years.
Deputy CFO Charles Pearl asked the San Francisco Public Utilities Commission to authorize issuance of refunding water revenue bonds of up to $450 million to refinance outstanding water enterprise bonds (series 2006A and portions of 2009A and 2009B). Pearl told commissioners that market interest rates were at historic lows and that…
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