The San Diego County Water Authority this week completed a $139.9 million bond sale that will help reduce the cost of financing vital water supply reliability projects.
The sale, Senior Lien Water Revenue Refunding Bonds Series 2011A, refunded $150 million in long-term fixed-rate bonds from the agency’s 2002A series. High competition for the bonds led to securing a low, fixed rate of 3.22 percent, which will save the Water Authority $13.5 million on a present-value basis over the 15-year life of the bonds.