1. Board Approves Up to $28.5 Million in Debt Financing for New Administrative Building and Water Infrastructure The board approved the issuance of revenue certificates of participation (essentially municipal bonds) not to exceed $28.5 million, with an expected par amount closer to $27 million. The financing will fund a new MSWD administrative campus and water infrastructure improvements including booster stations. The debt carries an estimated 4.5% true interest cost over a 30-year term with a 10-year call option for early refinancing or paydown. The district's financial advisor from Urban Futures noted MSWD's finances are unusually strong, with the district having paid down over $1 million in prior debt before issuing new bonds — something rarely seen among public agencies.
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