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WIFIA loan draw expected this month; authority has $569M loan at ~2.008%
Summary
Staff updated members that the authority’s $569 million WIFIA loan (approx. 2.008% interest, 40-year term) is being drawn down to reimburse milestone payments; a draw of roughly $105.6 million is expected at month-end after receipt of the audit and model update.
Staff updated the committee on WIFIA financing for the diversion project, including the loan amount, interest rate and recent draws.
John Shockley (presenter) said the authority previously received a WIFIA loan for $569,000,000 with an interest rate quoted at 2.008% over about 40 years. He said draws on the WIFIA loan began this year to reimburse milestone payments and that a draw of approximately $105,600,000 is expected to arrive at the end of the month after a financial-model update and receipt of the audit.
Shockley said the draw will reimburse recent milestone payments and help replenish cash balances; committee members asked no further questions on the item.
