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State Water Board approves refunding of 2016 Clean Water SRF bonds to free capital for new loans
Summary
The State Water Resources Control Board voted unanimously on Feb. 18 to adopt a resolution authorizing sale of refunding bonds to redeem outstanding 2016 Clean Water SRF bonds (approx. $158M outstanding), with an early financial analysis showing estimated NPV savings of about $16.3M to be redirected to new Clean Water SRF financings.
The State Water Resources Control Board unanimously adopted a resolution on Feb. 18 authorizing the sale of 2026 series refunding bonds to refinance outstanding 2016 Clean Water State Revolving Fund (SRF) bonds.
Josh Zees, assistant deputy director in the Division of Financial Assistance, presented the proposal and the rationale for refunding. Zees said the 2016 series had roughly $158,000,000 in outstanding principal, an original par near $410,000,000,…
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