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September 9, 2009 On September 8, 2009 WaterOne held a competitive public sale for $26,190,000 of 2009 Bonds, which refund the District’s outstanding 1996A Bonds, 1999 Bonds and 2000 Bonds. Nine bids were received from underwriters. The Water District Board awarded sale of the 2009 Bonds to Hutchinson, Shockey, Erley & Co. who submitted the best bid with an effective interest rate (True Interest Cost method) of 2.2643484% %. This bond refunding will save WaterOne’s ratepayers more than $2.734 million in interest costs over the next 12 years. The Water District pays lower interest rates on its bonds because of exceptionally high bond ratings, which results in savings to the District’s ratepayers. Standard & Poor’s Corporation (S&P) and Moody’s Investors Service, Inc. (Moody’s) affirmed WaterOne’s senior parity rating to their highest ratings of “AAA” and “Aaa” respectively. These second lien 2009 Bonds were assigned “AAA” by S&P and “Aa1” by Moody’s. |