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Bond Refinance Update

Apr 4

Please review the information below for some important and exciting news regarding the District’s efforts to refinance its outstanding debt.  

Yesterday we received preliminary indication from the credit rating agency, S&P, that they would be providing a rating for the District’s new debt offering and the debt is to be rated as “investment grade”.  This rating is critical to our refinancing efforts as the interest rate to be paid and the overall economic benefits of the refinancing are dependent on the rating.  Thank you to the finance team for all of their efforts in getting us to this point.

 

There are several more important milestones for the refinancing effort which will be occurring prior to our next regular Board meeting later this month. As such, we have scheduled a short Board video call for Tuesday, April 9th at 5:30pm to provide an update on the refinancing effort and to address any questions the Board may have at this time.  The finance team is continuing to work within the parameters of the authorizing resolution adopted by the Board at our last meeting and no additional Board decisions are required at this time.

 We apologize for the short notice but hope that you are able to join us for the update.  If you cannot attend but have questions or would like additional information on the current status of the refinancing effort, you may contact me directly. Also please know that we will have full update on the refinancing at our regular board meeting on April 17th.