Western Water issues debt to fund its Capital Spending Plan. Debt proceeds may be used to pay for the design, acquisition, and/or construction of capital projects. From time to time, Western Water may also issue debt to refinance outstanding debt obligations as market conditions warrant. The refinancing is typically done to lower Western Water’s borrowing costs and related debt service payments.
Our Bond Credit Rating
Western Water’s historically sound financial and operations management has allowed it to achieve excellent credit ratings. As part of its formalized debt policy, Western Water meets with the rating agencies periodically to provide a financial update. A sound credit rating results in lower borrowing costs. The current ratings for Western Water are as follows:
Outstanding Bonds Issues
On June 30, 2023, Western Water had $151,440,064 in revenue bonds outstanding.
Tax Exempt Offerings
Western Water meets its continuing disclosure obligation to provide certain annual financial information and operating data, including its audited financial statements. This information goes to the Municipal Securities Rule-Making Board (MSRB) through its Electronic Municipal Market Access (EMMA) website pursuant to SEC Rule 15c2-12, and pursuant to the Continuing Disclosure Agreement of the various debt issues.
Financial Reports and Policies
- Annual Comprehensive Financial Report
- Biennial Operating Budget
- Financial Policies
- Cash Reserve Policy
- Interest and Financial Risk Management Policy
- Debt and Financial Management Policy
- Investment Policy
Notice of Retention of Independent Registered Municipal Advisors
By publicly posting the following written disclosure, Western Water intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.
Western Water has retained one or more independent registered municipal advisors. Western Water is represented by and will rely on its municipal advisors, Fieldman Rolapp & Associates, PFM, or Columbia Capital Management, LLC (or other independent financial advisory firm), to provide advice in evaluating recommendations or advice from financial services firms concerning the issuance of municipal securities and municipal financial products (including investments of bond proceeds and escrow investments) as such terms are defined in the SEC’s Municipal Advisor Rule. Proposals may be addressed to the attention of Kevin Mascaro, Assistant General Manager/Chief Financial Officer, at 14205 Meridian Parkway, Riverside, CA 92518. If the proposal received will be seriously considered by Western Water, it will share the document with one or more of its municipal advisors.
Auditors & Consultants
- Clifton, Larson, Allen
- Bond Financings:
- Counsel: Best, Best, & Krieger
- Financial Advisors: Fieldman, Rolapp & Associates or Columbia Capital (formerly C.M. de Crinis and Co.) or Public Financial Management (PFM)
- Bank of America Merrill Lynch
- Stifel, Nicolaus & Co.
- Toronto-Dominion Bank
- Investment Advisor
- Chandler Asset Management