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Monday, December 10 , 2018, 4:07 am | Fair 49º

 
 
 
 

Santa Maria City Bonds Rating Affirmed

Fitch Ratings has affirmed its AA rating for the city of Santa Maria’s Water and Wastewater Revenue Refinancing Bonds.

The stable rating outlook reflects the agency’s opinion of the city’s strong financial profile, limited capital needs, and robust water supply. The ratings agency observed that the city:

Does not expect to issue any additional debt for capital needs, and will be funding the capital improvement plan projects on a pay-as-you-go basis.

Has a robust water supply through groundwater wells and imported supplies from the State Water Project; and a stable customer basis.

For public transparency, Santa Maria’s budget and financial statements are posted on the city website www.cityofsantamaria.org.

The city issued $50.1 million in taxable revenue refunding bonds in June 2012 to secure a lower interest rate of 4.36 percent, and achieve in cash flow savings of some $2 million per year.

The original funding in 1993 and 1997 was to purchase a contract entitlement of State Water, finance acquisition and construction of certain water facilities, and other water-related purposes.

Direct questions to the City Manager’s Office, 925-0951 ext. 2372.

— Mark van de Kamp for city of Santa Maria.

 

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