PCWA completes $33 million sale of certificates

AUBURN — The Placer County Water Agency has successfully completed the sale of $33.6 million in certificates of participation (COPs), it was reported at Thursday’s (Sept. 20) meeting of the PCWA Board of Directors.

The water agency has been working on the financial borrowing plan for the better part of this year and will use the money to improve existing water systems and meet expansion needs brought on by new growth.

PCWA Director of Financial Services Joseph H. Parker said the COPs were sold on Wednesday and that the water agency will retire the debt over a 30-year period at interest rates ranging from 3.42% to 4.85%.  He termed the transaction as ‘very successful.’

In other business, directors:

– welcomed Placer County Director of Museums Melanie Barton and presented her with copies of the new book that commemorates the agency’s 50th anniversary.  Barton said the agency is in the unique position to promote water’s importance and preserve its place in Placer County history.

-approved a project with environmental studies for the improvement of 1000 feet of the Newcastle Canal off Indian Hill Road east of Newcastle.  The agency plans to add concrete lining to the deteriorating and leaking canal.

The Board of Directors also heard a presentation on three major projects being conducted on the Middle Fork American River Project.

Hydroelectric Engineer Jon Mattson gave progress reports on the $28 million Middle Fork Surge Shaft rehabilitation, which is scheduled for completion by year’s end; and a new $360,000 bridge being constructed over Duncan Creek that is scheduled for completion in October.

Mattson also briefed the board on planned modifications to the spillway below French Meadows Reservoir.  The upgrade is planned to bring the spillway into compliance with new probable maximum flood standards.

PCWA board meetings are open to the public.  Information on PCWA board meetings is available through the Clerk to the Board at (530) 823-4850.