The Water Authority issues both long-term and short-term debt. Debt payments are made solely from the agency’s net revenues. This debt, commonly referred to as “revenue bonds,” is typically issued to finance public works projects, such as water facilities. “Net revenues” consist of revenues generated by public works projects after paying for ongoing operations and maintenance costs of the projects. Revenues generated by the Water Authority are from the rates and charges paid by member agencies for constructing and operating the facilities that provide wholesale water supplies to the region.
The Water Authority issues debt to partially fund its Capital Improvement Program pursuant to the Long-Range Financing Plan. Debt proceeds may be used to pay for the design, acquisition, and construction of capital projects. From time to time, the Water Authority also issues debt to refinance outstanding debt obligations, typically to lower debt service payments.
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Credit Rating Agency Contacts
TEL: (415) 732-7577
Moody’s Investors Service
TEL: (415) 274-1720
Standard & Poor’s
TEL: (415) 371-5026