The Eastern Municipal Water District board approved the refinancing of EMWD’s bond debt.
A 5-0 board vote May 19 authorized the issuance of up to $120,000,000 of refunding bonds and also authorized any termination payments for the current bond issuance. The board also approved the preliminary official statements, trust indentures, bond purchase contracts and continuing disclosure certificates.
“We’re saving the district and our ratepayers money,” EMWD board president Phil Paule said.
In 2018, Eastern issued bonds which refinanced bonds issued in 2017. The 2018 bonds had variable rate debt and a three-year mandatory tender date of Oct. 1, 2021, with a six-month optional call date of April 1, 2021. The optional call date allows the bonds to be called on any business day betw