Santa Margarita Water District is refunding its 2007 Community Facilities District (CFD 99-1) bond for the Talega area of San Clemente. The refunding will save the District and its Talega customers $9 million in debt payments over the next 13 years, resulting in an average annual savings of $250 off property owners’ tax bill. The combined impact of debt burden strengthens the District’s standing in the bond market.
“The District’s financial strength and stability translates into real savings for Talega customers,” said Charles Gibson, SMWD Board President. “This helps demonstrates our on-going commitment to being fiscally responsible.”
The Communities Facility District received an A Bond Ratings from Standard and Poor’s (S&P) Rating Services, which indicates a capacity to meet financial commitments, and refund the 2007 Bonds on behalf of the Community Facilities District No. 99-1 (Talega). The A bond rating is among the highest available rating from the rating agency; the company rates borrowers on a scale from AAA to D. Most recently, S&P had issued a B+ rating for Talega’s Capistrano Unified School District CFD bonds.
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