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DSRSD Refunds Debt, Saves $9.84 Million
Media Contact: Sue Stephenson, 925-570-5739 (cell), email@example.com
DUBLIN, CA–With its new AA+ credit rating, Dublin San Ramon Services District (DSRSD) refinanced its outstanding 2011 Water Revenue bonds, which will save the District an estimated $9.84 million over the next 24 years. The District completed the refinancing before changes to federal tax law that will prohibit advance refunding. Per the new federal tax law, the District would have had to continue to pay the higher interest rate on the 2011 bonds until 2021.
Similar to refinancing a home loan, the District is refunding its debt to get a lower interest rate. The new bonds have a true interest cost to the District of 3.17 percent, which includes interest on the bonds and $192,895 of refunding costs. The District was paying an average interest rate of 5.70 percent on the former bonds; hence the savings.
The original debt was incurred to build the District’s share of the Jeffrey G. Hansen Water Recycling Plant and its associated facilities—pump stations, reservoirs, and principal distribution pipes—and to construct a few potable water facilities.
Founded in 1953, DSRSD serves 178,000 people, providing potable and recycled water service to Dublin and the Dougherty Valley area of San Ramon, wastewater collection and treatment to Dublin and south San Ramon, and wastewater treatment to Pleasanton (by contract). DSRSD also operates the Jeffrey G. Hansen Water Recycling Plant and a backbone recycled water distribution system on behalf of the San Ramon Valley Recycled Water Program. The District office is located at 7051 Dublin Blvd., Dublin CA, 94568. For more information about the District, visit www.dsrsd.com.
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