SAN ANDREAS, CA – During Calaveras County Water Districts (District) February 27, 2013
Board Meeting, it was announced that District staff had just closed a loan with BBVA
Compass that refinanced the District’s 2004 Refunding Revenue Bonds. The Refunding
Revenue Bonds were set to mature in September 2017 with interest rates between 4.0% and 4.5%.
District staff saw an opportunity to refinance the Bonds into a new loan which carries a 1.58%interest rate while still keeping the September 2017 maturity date. By refinancing the $7.4million loan at a lower interest rate with BBVA Compass Bank, the District will save $324,000over the next four years.
Board President Dennis Dooley stated “I’d like to commend District staff for finding this
excellent opportunity to refinance the 2004Refunding Revenue Bonds, thus saving the
District and its customer’s dollars in the future.”
The District would like to thank the Weist Law Firm, Southwest Securities and BBVA
Compass Bank for their efforts in making this transaction possible.
