Rancho Water to refund bonds and cover loss from shelved rate increases

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The Rancho California Water District finance and audit committee and board of directors meets Thursday, Sept. 3, via a Zoom teleconference call. Valley News/Courtesy photo
During a joint regular meeting of the Rancho California Water District finance and audit committee and a special meeting of the board of directors, Thursday, Sept. 3, the district committee agreed to implement the 2020 Plan of Finance and authorize RCWD’s general manager to negotiate and enter into agreements for proposed bond issuances to save the district an estimated $1.3 million. The savings will help cover the loss expected when the board agreed to halt rate increases during the COVID-19 pandemic last month. Richard Aragon, assistant general manager of Rancho Water, kicked off the staff presentation saying that the proposal represents a silver lining for the district. “(Item) No. 1 is really a major item that we’ve been discussing for the last about six months, since Ma
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