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PUC seeks $250M refunding and $420M new wastewater bonds; analysts flag long-term rate impact
Summary
The San Francisco Public Utilities Commission told the Budget and Finance Committee it plans to refund $250 million of existing wastewater debt and issue about $420 million in new bonds to fund capital repairs, citing near-term savings but a projected rate increase once principal repayment begins in year 11.
Charles Pearl, deputy chief financial officer for the San Francisco Public Utilities Commission, told the Budget and Finance Committee on Dec. 11 that the PUC plans two bond sales in early 2013: a Series A refunding of up to $250 million and a Series B new-money sale of about $420 million to finance wastewater capital projects.
"We have about $915,000,000 of project appropriations that are in place for the past, over the past 4 years," Pearl said, summarizing the scale of the program the bonds would support. He said the refunding would take advantage of lower interest rates and is expected to cut the cost of older debt.
The com…
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