Bond Refinancing Saves Water District $4.5 Million by Wendy Strack - City News Group, Inc.

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Bond Refinancing Saves Water District $4.5 Million

By Wendy Strack, Community Writer
January 25, 2017 at 11:34am. Views: 28

SAN BERNARDINO>> In September 2016, the West Valley Water District undertook an effort to realize savings on outstanding bond debt by taking advantage of historically low interest rates. The effort was recently finalized and will save WVWD ratepayers $4,566,034 through 2032. “It has long been a priority of the Board of Directors to ensure the ratepayers are getting the best value for their money," said WVWD Board President Dr. Clifford O. Young, Sr. "Refinancing these bonds will save more than $4.5 million, funds that can now be used to deliver water to our customers rather than paying additional interest.” The original 2006D-2 Bonds totaled $23,880,000 and were set to mature in 2032, with an interest rate of 4.49 percent. The newly refinanced bonds begin with an interest rate of 1.05 percent, rising to 3.4 percent in 2032. West Valley Water District serves the communities of Bloomington, Colton, Fontana, Rialto and parts of an unincorporated area in San Bernardino and a segment of the Jurupa Valley in Riverside County.

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