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Investor Relations
Debt Information
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 financial 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 and Poor’s - AAA
- Fitch - AAA
On June 30, 2022, the District had $228,640,000 in revenue bonds outstanding. The weighted average cost on all outstanding debt at this date was 3.75%.
| Tax-Exempt Offerings | Principal Amount Outstanding |
|---|---|
| 2016A Fixed-Rate Revenue Bonds, due August 1, 2036 | $3,900,000 |
| 2016B Fixed-Rate Revenue Bonds, due August 1, 2031 | $17,875,000 |
| 2017A Fixed-Rate Revenue Bonds, due August 1, 2034 | $38,025,000 |
| 2019A Fixed-Rate Refunding Bonds, due August 1, 2040 | $116,325,000 |
| Taxable Offerings | Principal Amount Outstanding |
|---|---|
| 2011A Fixed-Rate Revenue, QECB, due August 1, 2030 | $9,870,000 |
| 2017B Fixed-Rate Refunding Revenue Bonds, due August 1, 2023 | $2,445,000 |
| 2021A Taxable Fixed Rate Refunding Revenue Bonds, due August 1, 2052 | $46,395,000 |
| Total | $234,835,000 |
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
- Annual Comprehensive Financial Report
- Operating and Non-Operating Budget
- Interim Unaudited Financial Statements
Financial Policies
- Cash Reserve Policy
- Debt and Financial Management Policy
- Interest Rate Swap Policy
- Investment Policy
- Capitalization Policy
Independent Registered Municipal Advisors
By publicly posting the following written disclosure, Rancho California Water District (Rancho 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.
The District is represented by and will rely on its municipal advisor, Fieldman Rolapp and 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 Kathleen Naylor, CFO/Treasurer of the District. If the proposal received will be seriously considered by Rancho Water, the District will share the document with its municipal advisor.
Auditors & Consultants
- Auditors:
- Davis Farr LLP
- Bond Financings (Counsel, SWAP Monitoring, and Underwriters):
- Fieldman, Rolapp and Associates
- Stradling, Yocca, Carlson and Rauth
- Bank of America Merrill Lynch
- Investment Advisor:
- Chandler Asset Management