You must read the following information before using this Investor Relations portion of this website.
Not an Offer to Sell/Buy Securities
The information provided on this Investor Relations portion of this website does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities of the District or any of its related entities, including the Rancho California Water District Financing Authority and community facilities districts and assessment districts established by the District (together, the "Related Entities") and is not intended to be used to provide specific offering information in connection with any issuance, sale, resale, or remarketing of bonds, notes, or other indebtedness of the District or the Related Entities.
Limited Scope of Information; Not Intended for Investment Decisions
The information set forth herein is limited in scope and does not contain all material information concerning the financial condition of the District and the Related Entities necessary to make an informed investment decision with respect to any purchase or sale of bonds, notes, or other indebtedness of the District or the Related Entities. No person should make an investment decision in reliance on the information contained herein.
Dates of Documents
Any financial document contained in this Investor Relations portion of this website speaks only as of the date of the document (the "Dated Date"). You are cautioned not to assume that any information has been updated beyond the Dated Date unless a document expressly states that it constitutes an update of a specific portion of a document. No inference should be made that the operations or financial condition of the District or its Related Entities have remained the same since the Dated Date of a document.
Information is Subject to Change Without Notice & May Not Be Updated
The District is under no obligation to to update any information included herein and expressly disclaims any duty to provide an update of any document found on this Investor Relations portion of this website. The information and expressions of opinion herein are subject to change without notice and readers should not assume that there has been no change in the affairs of the District or its Related Entities.
Estimates or Other Forward-Looking Statements
The documents contained on this Investor Relations portion of this website may include "forward-looking statements" by using forward-looking words such as "may", "will", "should", "expects", "believes", "anticipates", "estimates", or others. You are cautioned that forward-looking statements are subject to a variety of uncertainties that could cause actual results to differ from the projected results. No assurance can be given that future events will actually occur in the manner projected in any forward-looking statements.
The District issues debt to fund the Capital Improvement Program requirements pursuant to the Capital Facility Master Plans and the Long-Range Financial Plan. Debt proceeds may be used to pay for the design, acquisition, and/or construction of capital projects. From time to time, the District may also issue debt to refinance outstanding debt obligations, as market conditions warrant. The refinancing is typically done to lower the District’s borrowing cost and related debt service payments.
The District’s historically sound financial and operations management has allowed it to achieve excellent credit ratings. The District, as part of its formalized debt policy, meets with the rating agencies on an annual basis to provide an annual financial update. A sound credit rating results in lower borrowing costs. The current ratings for the District are as follows:
Rancho California Water District’s Bond Rating
- Standard and Poor’s - AAA
- Fitch - AAA
On June 30, 2023, the District had $221,215,000 in revenue bonds outstanding. The weighted average cost on all outstanding debt at this date was 3.75%.
|Tax-Exempt Offerings||Principal Amount Outstanding|
|2016A Fixed-Rate Revenue Bonds, due August 1, 2036|
|2016B Fixed-Rate Revenue Bonds, due August 1, 2031|
|2017A Fixed-Rate Revenue Bonds, due August 1, 2034|
|2019A Fixed-Rate Refunding Bonds, due August 1, 2040|
|Taxable Offerings||Principal Amount Outstanding|
|2011A Fixed-Rate Revenue, QECB, due August 1, 2030|
|2017B Fixed-Rate Refunding Revenue Bonds, due August 1, 2023|
|2021A Taxable Fixed Rate Refunding Revenue Bonds, due August 1, 2052|
The District meets its ongoing continuing disclosure obligation to provide certain annual financial information and operating data, including its audited financial statements, by no later than six months after the end of each fiscal year. This goes to the Municipal Securities Rule-Making Board (MSRB), through its Electronic Municipal Market Access (EMMA) website or any other repository designated by the MSRB pursuant to SEC Rule 15c2-12, and pursuant to its Continuing Disclosure Agreements for its various long-term debt issues.
Independent Registered Municipal Advisors
By publicly posting the following written disclosure, Rancho California Water District (Rancho Water/District) intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.
The District is represented by and will rely on its municipal advisor, Fieldman Rolapp and Associates, to provide advice in evaluating recommendations or advice from financial services firms concerning the issuance of municipal securities and municipal financial products (including investments of bond proceeds and escrow investments) as such terms are defined in the SEC’s Municipal Advisor Rule. Proposals may be addressed to the attention of Kathleen Naylor, CFO/Treasurer of the District. If the proposal received will be seriously considered by Rancho Water, the District will share the document with its municipal advisor.
Auditors & Consultants
- Davis Farr LLP
- Bond Financings (Counsel, SWAP Monitoring, and Underwriters):
- Fieldman, Rolapp and Associates
- Stradling, Yocca, Carlson and Rauth
- Bank of America Merrill Lynch
- Investment Advisor:
- Chandler Asset Management