Go To Search
I Want To... Access Our Help Center
Click to Home
Investor Relations
Debt InformationCity Buildings
The District issues debt to fund the Capital Improvement Program requirements pursuant to the Capital Facility Master Plans and the Long Range Financial Plan. Debt proceeds may be used to pay for the design, acquisition, and/or construction of capital projects. From time to time, the District may also issue debt to refinance outstanding debt obligations, as market conditions warrant. The refinancing is typically done to lower the District’s borrowing cost and related debt service payments.

The District's historically sound financial and operations management has allowed it to achieve excellent credit ratings. The District, as part of its formalized debt policy, meets with the rating agencies on an annual basis to provide an annual finanical update. A sound credit rating results in lower borrowing costs. The current ratings for the District are as follows:

Rancho California Water District's Bond Rating
  • Standard & Poor's - AAA   
  • Fitch - AA+
  • Moody's - Aa2

At June 30, 2016, the District had $316,010,000 in revenue bonds outstanding. The weighted average cost on all outstanding debt at this date was 4.54%.

Tax Exempt Offerings Principal Amount Outstanding
2002A Revenue Bonds, due August 1, 2029 $ 44,400,000
2005C Fixed-Rate Refunding Revenue Bonds, due November 1, 2018  $ 18,185,000
2008A Fixed-Rate Refunding Revenue Bonds, due August 1, 2034  $ 98,145,000
2008B Adjustable-Rate Refunding Revenue Bonds, due August 1, 2031  $ 44,625,000
                                                 Taxable Offerings
2010A Fixed-Rate Revenue, Build America Bonds, due August 1, 2040 $ 100,785,000
2011A Fixed-Rate Revenue , QECB, due August 1, 2030 $ 9,870,000
Total $ 316,010,000

Continuing Disclosure
The District meets its ongoing continuing disclosure obligation to provide certain annual financial information and operating data, including its audited financial statements, by no later than six months after the end of each fiscal year. This goes to the Municipal Securities Rule-Making Board (MSRB), through its Electronic Municipal Market Access (EMMA) website or any other repository designated by the MSRB pursuant to SEC Rule 15c2-12, and pursuant to its Continuing Disclosure Agreements for its various long-term debt issues. 

Financial Reports and Policies

Independent Registered Municipal Advisors
By publicly posting the following written disclosure, Rancho California Water District intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.

Rancho California Water District (RCWD/District) is represented by and will rely on its municipal advisor, Fieldman Rolapp & Associates, to provide advice in evaluating recommendations or advice from financial services firms concerning the issuance of municipal securities and municipal financial products (including investments of bond proceeds and escrow investments) as such terms are defined in the SEC's Municipal Advisor Rule.  Proposals may be addressed to the attention of Rick Aragon, Director of Finance/Treasurer of the District. If the proposal received will be seriously considered by RCWD, the District will share the document with its municipal advisor.

Auditors & Consultants

  • Auditors:
    • White Nelson Diehl Evans and Co., LLP
  • Bond Financings (Counsel, SWAP Monitoring, and Underwriters):
    • Fieldman, Rolapp and Associates
    • DerivActive
    • Citigroup Global Markets Inc.
    • Stone and Youngberg, LLC
    • Stradling, Yocca, Carlson & Rauth
    • Bank of America Merrill Lynch
  • Investment Advisor:
    • Chandler Asset Management