Silverdale Water District issues refunding bonds to lower rates
Published 10:23 am Thursday, October 8, 2015
SILVERDALE — Silverdale Water District recently issued water revenue refunding bonds to lower their interest rate and save money. At the same time, the district financed improvements to the water system with the issuance of a new water revenue bond. As part of the process, the district’s staff presented information to the national rating agency of Standard & Poor’s.
“The district’s bond rating grade was re-affirmed at A+. This is a great accomplishment for the District and its ratepayers,” said Commissioner John Poppe.
The water revenue and refunding bonds closed Aug. 11. The refunding bonds achieved a total net savings of $450,554, which is an average annual savings of $34,658 for the remaining 13 years. The new water revenue bond will finance the construction of water and reclaimed water mains in Old Town Silverdale and the acquisition, construction and installation of various improvements to the district’s water system.
According to General Manager Morgan Johnson, The A+ bond rating grade was based on the following key factors: 1. Strong financial reserves; 2. Strong historic debt service coverage; 3. Financial policies and practices; 4. Strength of the local economy; and 5. Efficient management.
