Bond Issues

Cascade Water Alliance issued a series of water system revenue bonds to support Cascade’s capital programs as described in its 2009 Watershed Management Plan to provide water supply to meet future needs of its members.

The bond issue closed on October 15, 2009, and net proceeds to Cascade are $80 million to be repaid over a term of 25 years at an overall interest rate of 3.61 percent. The annual debt service payments for the bonds will range from $5.0 million to $6.2 million. The majority of the bond proceeds will fund the acquisition of Lake Tapps, tribal settlement agreements, and limited Tacoma Cascade Pipeline expenditures. Approximately $75 million of the new bond issue consists of taxable Build America bonds; the remainder is tax-exempt revenue bonds. Bonds were underwritten by Barclays Capital, Inc.

A detailed description of the Bonds is available in the Official Statement.