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SFPUC moves to issue up to $285.6 million in wastewater bonds, updates indenture terms
Summary
Finance staff proposed issuing up to $285.6 million of wastewater revenue bonds to refund commercial paper and fund projects; staff recommended updating reserve rules to half maximum annual debt service and using Build America Bonds when advantageous to reduce long-term cost.
SFPUC finance staff briefed commissioners Feb. 9 on a proposed issuance of up to $285.6 million of wastewater revenue bonds to refund outstanding commercial paper and to provide new capital for previously authorized wastewater projects.
Todd Reesstrom, chief of finance, said staff recommend modernizing the wastewater indenture to conform with current market norms by funding debt-service reserves to…
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