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SFPUC reports $1.4M ratepayer savings from $24M bond refunding; multiple consent items approved
Summary
Finance staff reported strong demand for $24 million of water refunding bonds that saved ratepayers about $1.4 million; the commission approved the consent calendar with several contract awards including an Oceanside digesters contract and authorized grant and MOU agreements.
San Francisco — The Public Utilities Commission on July 24 received a finance report on a recent water revenue refunding and approved routine but consequential consent calendar actions including contracts and grants.
Todd Reidstrom (finance staff) told the commission that investors had strong appetite for a $24 million water refunding transaction. He said the sale produced about $1.4 million in ratepayer savings and an average interest cost of 1.34 percent. "This was a successful sale that the average interest cost was 1.34 percent," he said, and staff described the transaction as an example of favorable market conditions that benefited in-city projects.
On the consent calendar the commission approved multiple items, taking votes to adopt most items and pulling three — d, e and i — for discussion. Item d (Oceanside digesters and facility improvements) was moved and carried; staff noted environmental clearances exist and agreed to provide documents on request. The Oceanside digesters contract amount was listed in the staff packet as $15,373,000 to the lowest responsive bidder. Other approved items included sewer replacement awards and approval to enter into a memorandum of understanding with Daly City for pre-project planning (not to exceed $205,500).
The commission also authorized staff to negotiate and execute an agreement with Bay Area Clean Water Agencies for distributing state grant funds for the Harding Park recycled water project in an amount not to exceed $22,114,000; and an MOU with Solano County Water Agency for administration/disbursement of up to $862,000 for a high-efficiency toilet incentive program.
After the public meeting the commission convened a closed session on general-manager hiring; commissioners unanimously approved a list of candidates to transmit to the mayor and subsequently voted not to disclose the contents of the closed session.
What’s next: staff will provide environmental clearance documents requested on item d and return with additional materials as required; the commission will continue rate and capital-planning discussions at upcoming workshops.
