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This week Marina Coast Water District refinanced its 2015 Bond debt generating $2,372,421 savings for its customers. With a strong list of 13 competitive bidders, the District obtained an excellent True Interest Cost of 2.7%.
District General Manager Remleh Scherzinger congratulated Mary Lagasca (Director of Administrative Services), and Reinel Lagman (Financial Analyst), and the entire District finance team for a very successful foray into the market with a tremendous outcome.
"This refinancing will lower our annual debt service payments by $234,000 per year for the next 12 years, saving over $2.30 million in total. The savings will provide funds for water and wastewater services for customers that would otherwise have come from ratepayers,” said Mr. Scherzinger.
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