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Indio Council authorizes up to $38 million water refunding bonds; staff say refinancing will save residents about $1.5–1.8 million
Summary
The Indio City Council and Indio Water Authority unanimously approved resolutions allowing issuance of water revenue refunding bonds (series 2026A) in an amount not to exceed $38 million to refinance 2015 bonds; staff said the sale (estimate ~$33M) will reduce annual debt service by roughly $131,000 a year and produce present-value savings in the $1.5M–$1.8M range.
The Indio City Council and Indio Water Authority on a unanimous vote approved resolutions authorizing issuance of water revenue refunding bonds (series 2026A) in an amount not to exceed $38,000,000 to refinance outstanding 2015 water-system bonds. Finance Director Ruby Walla told the council the measure would not extend the debt's term or generate new money and is intended to lower the city’s interest expense.
"This evening we are seeking approval by each respective body to authorize issuance of water revenue refunding bonds," Ruby Walla said, noting the transaction is projected to achieve savings to the city’s…
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