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WaterOne Invests in Infrastructure, Issues Revenue Bonds

Post Date:10/11/2017 3:00 PM

Lenexa, KS – Following through on its long-range planning, WaterOne held a competitive public sale of bonds on October 10th to refund the remaining 2007 Bonds (Series 2017A) for present value savings of $10.9 million and to fund $37 million in major capital projects (Series 2017B) – primarily an ozone treatment facility at the Hansen Water Treatment Plant and other improvements to the water system including replacement wells in the Kansas River well field and electrical equipment replacement at the Missouri River Presedimentation Facility and Intake.

The new ozone treatment process will replace the use of chlorine dioxide for primary disinfection at the Hansen Treatment Plant. Ozone is a powerful oxidant that has numerous water quality benefits. In addition, the use of ozone is expected to simplify operations by eliminating certain additives in the treatment process and reducing the daily sampling and analysis of chlorite.

The WaterOne Board awarded sale of the bonds to Wells Fargo Bank, National Association, Charlotte, North Carolina, who submitted the best bid with an combined effective interest rate of 2.68% (True Interest Cost method).

WaterOne pays lower interest rates on its bonds because of exceptionally high bond ratings, which results in savings to its customers. Standard & Poor’s (S&P) rated the bonds “AAA” and Moody’s Investors Service rated the bonds “Aaa.”

In issuing its ratings,  Standard & Poor’s cited WaterOne’s “extremely strong all-in coverage, extremely strong liquidity position, low debt profile, and good financial management framework.” 

WaterOne is committed to a responsible funding mix of reserved cash and bonds for planned capital improvements in order to achieve intergenerational equity across the life of the asset, linking those who use it with those who pay for it.

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Fast Fact

WaterOne is an independent, non-profit water utility, proudly serving 400,000+ customers in the Johnson County area.