Encinitas, Calif.— At its July 24 board meeting, OMWD’s board of directors authorized the refinancing of its Reassessment District 96-1 bonds. The deal closed on July 29 and will reduce repayment costs to property owners within OMWD by approximately $2.8 million.
Spring Valley, Calif. – On Oct. 11, the Otay Water District executed a successful bond sale that is expected to close on or about Nov. 1. The water revenue bond will fund $28 million of District’s capital projects during the next three years and will refinance $6.9 million of the District’s 1996 Variable Rate Demand Certificates of Participation (COPs) to a fixed rate of interest. By refinancing its 1996 Variable Rate COPs to a fixed rate, the District has eliminated the risk of increasing costs for customers due to rising interest rates.