AUBURN — Directors of the Placer County Water Agency will consider a bond issue of up to $35 million to fund water system expansion, renewal and replacement projects over the coming three years.
The financing, in the form of certificates of participation (COPs), has been under study for several months and is being planned for later this year.
The board authorized Director of Financial Services Joseph Parker to prepare final plans and financial documents for the borrowing. The board will consider approval of the package on Sept. 6.
Under Parker’s preliminary plan, the COPs would be sold and the funding would become available to PCWA this fall.
The water agency plans to use the money to pay for a long list of capital improvements that are necessary to upgrade and add reliability to an aging water system infrastructure.
PCWA plans to repay the bonds through revenues it receives through the Renewal and Replacement Charge, a line item on water bills designed for this purpose. Directors will likely consider raising the charge, which is now $12 monthly for a standard 5/8-inch meter, as part of next year’s budget process.
In other business, directors:
Discussed a proposed increase in the Water Connection Charge paid by developers for new water service and set a public hearing on the proposal for Aug. 2.
Opened and continued to Aug. 2 a public hearing on the proposed annexation of the Whisper Creek subdivision near the Sacramento County line into PCWA Zone 1.
As part of the proposal, PCWA would provide wholesale water to the California-American Water Co., which provides retail service in the area.
approved a contract granting $15,000 to the Squaw Valley Public Service District for an alternate water supply feasibility.
approved a contract granting $10,000 to the Tahoe City Public Utility District for a water system hydraulic model project.
welcomed Patricia Trimble, the new district ranger for the Georgetown Ranger District of the Eldorado National Forest. Trimble has been with the Eldorado National Forest for 24 years and transfers from Camino to Georgetown for her new position.
welcomed former members of the PCWA Board of Directors Roy Ruhkala (1975-1977) and Pauline Roccucci (1999-2006) who were present for 50th anniversary activities.
The next regular meeting of the PCWA Board of Directors will be held at 2 p.m. on Aug. 2 at the PCWA Business Center, 144 Ferguson Road, in Auburn. PCWA board meetings are open to the public.
For information on PCWA board meetings, contact the Clerk to the Board at (530) 823-4860.