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Water officials tout debt-deal savings

Posted: July 8, 2011 1:55 a.m.
Updated: July 8, 2011 1:55 a.m.
 

A debt-managing deal hammered out last month by local water officials has been used to save a local water district $2.4 million — a savings they say could be passed on to ratepayers.

The Santa Clarita Water Division stands to save $2.4 million through refinancing made possible by the formation last month of the Upper Santa Clara Valley Joint Powers Authority, water officials said Thursday.

The deal was struck between members of the Devil’s Den Water District in California’s Central Valley and the Castaic Lake Water Agency, which wholesales water to local retailers and also owns the Santa Clarita Water Division.

The move could mean a better deal for ratepayers down the road, according to Mauricio E. Guardado Jr., the district’s retail manager.

“Any of the savings would affect customers,” Guardado said.

“The savings (could) help us balance out our budget,” he said, “which means we would be looking into new rate calculations.”

The local water district was able to capitalize on a refinancing opportunity the newly formed Joint Powers Authority made possible.

Authority board members also sit on the boards at Devil’s Den and at the Castaic Lake Water Agency.

Creating the authority last month enabled the agency to issue revenue bonds.

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