Analysis Shows Sufficient Water Supplies for San Diego Region Using New State Formula
Investments pay off for county as Water Authority works to finalize state process and advance new long-term effort to promote water-use efficiency
The Water Authority and its member agencies have sufficient water supplies to meet demands even during three additional dry years and won't be subject to state-mandated water-use reductions through January 2017, according to initial calculations shared with the Board of Directors June 9. Regional supply sufficiency results from 25 years of strategic investments, including Colorado River water conservation-and-transfer agreements, the Claude "Bud" Lewis Carlsbad Desalination Plant and local water development projects such as water recycling facilities.
Based on the projections, the Board voted unanimously during the June 9 special meeting to take a regional approach to the state's recently approved process for certifying supply sufficiency for the Water Authority's 24 member agencies and establishing a new long-term drought awareness initiative.
As the Water Authority finalizes the state's self-sufficiency certification process, it's also developing a new campaign that promotes long-term water-use efficiency to begin this summer. The Water Authority is an industry leader in water-use efficiency efforts, with resources such as award-winning, water-efficient landscaping classes for homeowners; a video version of the classes to increase public access; a water waste reporting app for smartphones; free water-use checkups for residents and businesses; and incentive programs. Details are at WaterSmartSD.org.
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Water Authority Executes Money-Saving $340 Million Bond Sale
Refunding of bonds issued in 2008 and 2010 to yield $63.2 million in savings
The Water Authority this week priced a $340 million bond sale that will reduce the cost of financing vital water supply reliability projects over the next two decades.
When completed, the sale on Wednesday of Senior Lien Water Revenue Refunding Bonds Series 2016A&B will refund $340 million in long-term, fixed-rate bonds issued in 2008 and 2010. The Water Authority will save $63.2 million on a present-value basis over the life of the refinanced bonds. Closing of the sale is expected in about two weeks.
Separately, the Water Authority on Tuesday refinanced $86 million in a 2016 S-1 five-year, short-term refunding note, at an interest rate of 1.27 percent.
S&P Global Ratings recently upgraded the Water Authority's senior lien credit rating to AAA, the highest offered by S&P. The upgrade marked the first time the Water Authority has achieved a AAA senior lien rating. Moody's Investor Service and Fitch Ratings recently affirmed their credit ratings for the Water Authority of Aa2 and AA+, respectively, which are considered high quality by all standards and are held by only a few water agencies in California.
This week's sale is part of a long-term plan by the Water Authority to cut the cost of financing its Capital Improvement Program.
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Water Authority's "To Quench a Thirst" Documentary Highlights
Region's Water History
Three-part series chronicles regional search for water supplies, from historical to modern times
The Water Authority has released a succinct yet engaging new documentary series that highlights the major events in the San Diego region's ongoing quest for safe and reliable water supplies.
Available at www.sdcwa.org and based on the book "To Quench a Thirst: A Brief History of Water in the San Diego Region," the three-part video series provides a 13-minute overview that traces the search for water from the region's indigenous people through generations of area leaders who developed the region's diversified water supply portfolio and robust infrastructure that today sustains 3.2 million people and a $218 billion economy. "To Quench a Thirst" was first published by the Water Authority in 2002 and updated in 2013.
Both the "To Quench a Thirst" book and video series were made possible by a grant from The Hans and Margaret Doe Charitable Trust.
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