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PRESS RELEASE. Saving You Money – Bond Refinancing
If you have ever refinanced your mortgage, you have tackled the same challenge MWSD did just last fall!
Twenty years ago, our community overwhelmingly supported the public purchase of our local water system authorizing $19 million in general obligation bonds for its purchase and needed upgrades.
In 2003, we issued the first $17.5 million in GO Bonds* for the purchase along with capital improvements for reliability and fire protection (‘We’ll call this our first mortgage…’).
In 2012, we refinanced those 2003 Bonds, fully refunding the bonds and generating an additional $1.5 million for needed capital projects, all at a lower annual cost to the District and you – the ratepayer (‘We refinanced that first mortgage…’).
And now another refinance! In November 2020, we once again took advantage of low interest rates and issued $8 million in Series 2020 Bonds to fully refund our outstanding 2012 Bonds with an even lower annual cost to the District and you – our ratepayers.
The 2020 GO Bonds will be paid off in August 2028 (same term as our prior bonds). This will save $409,014 over the life of the bonds and reduces our annual debt service (i.e. payments) by $148,627.
*A general obligation bond is a common type of municipal bond in the United States that is secured by a state or local government’s pledge to use legally-available resources, including tax revenues, to repay bondholders.
Montara Water and Sanitary District (MWSD) Meetings ~ 1st & 3rd Thursdays @ 7:30pm
Agendas and Zoom Live Meeting Links
If you experience technical difficulties or have technical questions prior to or during the meeting, please contact MWSD’s IT support at (650) 728-7843.
Meeting Videos
Meeting Schedule:
Regular meetings are 7:30pm on the first and third Thursday of each month. They used to held at the District office at 8888 Cabrillo Hwy, next to Pt Montara Lighthouse and Hostel.
To receive agendas by email, send a request to [email protected]
In addition to email, we post agendas before each board meeting:
- On the District website here
- Montara post office
- Moss Beach post office
- the bulletin board in front of the MWSD office
Who is on the Board of Directors?
| DIRECTOR | TERM |
|---|---|
| Kathryn Slater-Carter — President | Term 2016-2020 |
| Jim Harvey — President Pro Tem | Term 2018-2022 |
| Ric Lohman — Secretary | Term 2018-2022 |
| Peter Dekker — Treasurer | Term 2019-2020 |
| Scott Boyd — Director | Term 2016-2020 |
Services
Sewer Authority Mid-Coastside (SAM) – MWSD is a member of SAM, the agency that collects and cleans our Coastside community’s wastewater before it enters the ocean. SAM meets monthly on the 4th Monday at 7:30pm. Jim Harvey and Scott Boyd presently serve as SAM board members.
Recology of the Coast – MWSD has contracted with Recology of the Coast for trash pickup, recycling, and waste hauling.
Visit County Solid Waste Department for more information about recycling, composting, etc.
In an Emergency
Water Emergencies: Call MWSD at (650) 728-3545
Sewer Emergencies: Call SAM at (650) 726-0124
For emergencies that affect life, health or safety: Dial 911
Contact Us
- 8888 Cabrillo Hwy
Montara, California 94037 - Office Hours:
8:30AM to 5PM Mon-Fri - (650) 728-3545
- [email protected]
Note: Public participation is not permitted during closed session discussion items.
MSWD General Manager Clemens Heldmaier showing a creek filtration system.
Author: Coastside Buzz
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