1. District advances $40 million IBank financing application The board approved submitting a certification to the California Infrastructure and Economic Development Bank (IBank) seeking $40 million in financing. The $40 million proposal carries an estimated 4.85% fixed rate, with approximately $2.54 million in annual debt service. If ultimately approved, the financing would support projects including the North Canal Spreading Works expansion, Frick Unit Pipeline Phase 3, and other proposed capital projects. IBank offered the lowest rate among the options evaluated, aided by interest-rate subsidies totaling about half a percentage point for the environmental nature of the projects and qualifying communities within the district’s jurisdiction. The IBank board is expected to consider the application in late October. Its approval of the proposed terms would begin a 90-day rate lock; final documents would then return to the district board for approval. The rate is not yet locked.
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