Bond ratings boost public building

摘要

The Yorba Linda Water District is replacing a 95-year-old, 4.6-million-gallon reservoir-one of California's oldest water-storage facilities-with a 6-mil-lion-gallon underground reinforced concrete reservoir. The $11.2 million project is being financed from the sale of $40 million in capital improvement bonds at 4.48% interest. The bonds sold quickly after the district announced it had received a AAA rating from Standard & Poor's, making the water supplier one of the few public agencies nationwide to receive the company's highest long-term credit rating. Construction is scheduled for completion by June 2010. "Our long-term commitment to fiscal conservatism is now paying dividends," says General Manager Michael Payne. "Having sufficient water storage capacity is critical to ensuring a low-cost, reliable supply.