Ojai water bonds sell within a couple of hours

Bill Warner, Ojai Valley News reporter
If you had any concerns as to whether the Casitas Municipal Water Company could come up with enough money to buy the Golden State Water Company's (GSWC's) Ojai service area by June 15, you can rest easy. The Mello-Roos tax bonds went on sale in the morning May 10 were sold within a few hours, improving CMWD's coffers by $44,137,302.65.
“We had way more subscriptions than we had bonds offered,” CMWD General Manager Steve Wickstrum told the Board of Directors at its May 10 meeting. “Today is a monumental day.”
“The bond proceeds are scheduled to be delivered on May 31,” CMWD Water Conservation Manager Ron Merckling said May 15. “Casitas will then be paying $34.4 million to the Golden State Water Company by June 15 for the acquisition cost of the Ojai water system.”

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