Las Gallinas Valley Sanitary District: $28,500,000 Wastewater Revenue Bond Financing for New Laboratory Building & Pump Station Improvements

Transaction Overview

Las Gallinas Valley Sanitary District successfully completed a $28.5 million Wastewater Revenue Bond Financing to fund construction of a new laboratory facility and improvements to critical pump station infrastructure.

The bonds received a AAA credit rating and were sold through a competitive bond sale, attracting strong investor demand and achieving a True Interest Cost of 3.76%.

Ridgeline Municipal Strategies, LLC served as Municipal Advisor to the District, assisting with financing strategy development, credit rating preparation, and coordination of the competitive bond sale process.

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Transaction Highlights

Financing Amount

$28,500,000

Financing Term

30 years

Credit Rating

AAA

Sale Method

Competitive Bond Sale

Investor Participation

13 Bids Submitted

‍True Interest Cost (TIC)

3.76%

‍Total Proceeds

$30.25 Million

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The District

Located in Marin County, CA, the District provides wastewater collection and treatment services to approximately 32,000 residents and operates an extensive reclamation system including freshwater marsh habitat, irrigated pastures, and storage ponds.

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Ridgeline’s Role

Ridgeline provided comprehensive municipal advisory services:

• Financing strategy development
• Financing options evaluation
• Long-term financial forecast development
• Credit rating strategy and presentation
• Official Statement preparation assistance
• Investor outreach
• Financing document review
• Bond sale process coordination

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The Outcome

The competitive bond sale generated 13 bids from institutional investors, demonstrating strong market confidence in the District’s financial position.

The bonds were awarded at a True Interest Cost of 3.76%, providing long-term financing for critical infrastructure while minimizing borrowing costs.

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About Ridgeline

Ridgeline Municipal Strategies, LLC is an independent municipal advisory and financial consulting firm helping California cities and special districts with financial planning and financing for infrastructure and facilities.