The YLWD Board voted unanimously to pursue the option of refunding the District’s 2008 Certificates of Participation (COP's). Due to current municipal bond market conditions, there is an opportunity for the District to refinance the remainder of the life of the debt associated with the 2008 COP. The amount of savings is dependent on the interest rates in effect at the time of refunding.
“This is an opportunity for us to take advantage of the current market and potentially save approximately $7 Million over the next 23 years based on the estimates presented,” said Board President Ric Collett. “We’re fortunate that we have the bond ratings to allow us the ability to take advantage of these potential cash savings for our customers.”
After consideration and approval to pursue the refunding option, the next step is to engage bond counsel and assemble the financing team. The entire process of this refunding opportunity will be completed by April 20, 2016.