McKinleyville Community Services District (MCSD) in Humboldt County has over 6,700 active water customers with a projected growth rate of four percent per year. The district purchases its wholesale supply from the Humboldt Bay Municipal Water District (HBMWD). Last year, the district reached out to the CSDA Finance Corporation to help with funding improvements to the district’s water system and wastewater system. The project would add a new 4.5 million gallon water storage tank to the existing system, with the goal of increasing storage capacity to enhance resiliency during emergency events - such as significant seismic activity - if supply from HBMWD was interrupted.
With the assistance of a team of experts from the CSDA Finance Corporation, including Oppenheimer & Co. Inc. as underwriter and Kutak Rock LLP as bond counsel, MCSD accessed $7.9 million in tax-exempt financing with 30-year water/wastewater revenue COPs at a true interest cost of 2.76 percent.
Patrick Kaspari, general manager of MCSD, had this to say:
“The CSDA Finance Corporation consultants were amazing. Every member of the team was extremely knowledgeable and provide clear recommendations and direction. They were a great team to work with and they were able to get a fantastic rate for the district’s financing!”
To learn more about your district’s financing options, contact CSDA Finance Corporation at 877.924.2732 or visit www.csdafinance.net.