Irrigation board OKs new bonds |

Irrigation board OKs new bonds

The Nevada Irrigation District will take advantage of today’s low interest rates to refinance existing debts and to pay for several new water system improvement projects.

The NID Board of Directors on Tuesday agreed to issue up to $30 million in bonds to refinance bonds sold in 1993 and 1997 to fund capital improvements.

David Houston, of Salomon Smith Barney, Inc., the firm that will underwrite the issue, said NID could expect to reduce the interest it’s paying on the 1993 issue by about 4.5 percent.

Less savings, if any, could be expected on the 1997 bonds, depending on interest rates in coming weeks, he said.

The new bonds will fund $9.2 million of water system improvements in coming years.

Improvements include new filters and a clear well at the Lake of the Pines Water Treatment Plant at a cost of $7.3 million; a new water tank in Deer Creek Park, $800,000; a new main line from the E. George Water Treatment Plant to Bubbling Wells Road, $760,000; the Jayhawk Pump Station in Lake Wildwood, $230,000; and a new pipeline on Locksley Lane near the North Auburn Water Treatment Plant, $105,000.

Support Local Journalism

Support Local Journalism

Readers around Grass Valley and Nevada County make The Union’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.


Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User