It’s Time to Fall Back!
Daylight saving time ends on Sunday, November 7, so remember to set your clock back one hour before going to bed Saturday night.
The semi-annual time changes coincide with seasonal changes in weather, when irrigation controllers and sprinkler times should change. Water use lowers as the weather cools, so it’s a good idea to check your controller at the same time you change your clocks.
To ensure that your service is not interrupted, change the batteries in your controllers, as well. It’s also a good time to change the batteries in your home smoke detectors.
Excellent IRWD Credit Ratings Help Keep Customer Rates Low
Irvine Ranch Water District is proud to announce that both Standard & Poors and Fitch credit rating agencies have assigned AAA ratings to the September issuance of IRWD’s Certificate of Participation (COP) and October General Obligation (GO) bond debt issues.
“This rating reflects the strong financial strength of the District,” said Mary Aileen Matheis, president of the IRWD Board of Directors. “The excellent AAA credit ratings resulted in low interest rates on debt which help us keep our customer rates among the lowest in the county.”
The COPs and GO debt issues were the first new money bonds issued by IRWD since December 2010 and will provide reimbursement for capital projects funded by the District in recent years. Each of the new credit rating reports pointed to key District strengths including its water supply reliability, strong operational and financial management and policies, extremely strong debt service coverage projections and liquidity and above average service area demographics.
On August 16th, pricing of District’s 2016 COPs issue was completed with investors showing strong demand for the District’s AAA-rated debt. The issue closed on September 1st with bond proceeds of approximately $148.5 million, including $100.0 million in new money proceeds for reimbursement of capital infrastructure expenditures, and $48.5 million for an advance refunding of a portion of the District’s 2010 COPs issue. The all-in fixed interest rate for the issue was 2.90%, including 3.16% for new money debt and 2.05% for the shorter-term refunding bonds. The refunding portion of the bond issue will lower the interest rate currently being paid on the 2010 COPs issue and provide an interest savings to the District of approximately $6.2 million. The largest investors in the new COPs issue included Merrill Lynch, UBS Asset Management, Vanguard, Wells Fargo and Gannett Welsh.
On September 28th, pricing of District’s 2016 GO bond issue was completed with investors again showing strong demand. The bond issue closed on October 12th with proceeds of approximately $130.5 million for reimbursement of capital infrastructure expenditures. The all-in fixed rate for the issue was 3.32%. The issue attracted a significant number of retail investors who purchased many of the shorter-term maturity bonds. The largest institutional investors included Blackrock, State Farm Insurance, Vanguard, Northern Trust and First Republic Bank.
Tax-exempt interest rates have recently been near historic lows providing an opportunity to lock in these low rates for the long-term with fixed rate debt issuance.
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Background: IRWD finances the facilities it needs to provide water and sewer service to our customers by issuing general Certificates of Participation (COPs) and General Obligation (GO) bonds, much like you finance your home with a mortgage from the bank. Bonds issued by IRWD are typically used to fund basic water and wastewater infrastructure – which includes projects like reservoirs, ground water wells, water pipelines, water pump stations, sewage lift stations, sewer treatment and disposal and sewage collection pipelines. IRWD’s infrastructure serves about one fifth of Orange County and includes more than 1,500 miles of drinking water pipelines, more than 500 miles of recycled water pipelines, more than 1200 miles of sewage pipes, 36 reservoirs, 26 wells and four water treatment plants.
Credit agency ratings reflects the independent opinion regarding the credit worthiness of the issuer to make timely principal and interest payments on its debt. Credit rating agencies assign ratings to a particular debt issue and to all the outstanding debt issued under the same security or credit pledge.
Students Get Advice from the Experts
Three Irvine Ranch Water District engineers and the retired director of water quality were more than happy to step up and offer their expertise to Irvine Unified School District students working on their science fair projects at the annual Ask-A-Scientist Night.
IRWD professionals have participated in this event since its inception more than 20 years ago. Students filed through the room dedicated to Water and Earth Earth Science at Rancho San Joaquin Middle School October 13 to sit down with the professionals and hopefully, come away with ideas on how to accomplish their projects.
Joining other science and engineering professionals in talking to students were Jacob Moeder, Engineer/Planner, Toni Lynch, Assistant Engineer, and Mark Marcacci, Engineer, and retired IRWD Director of Water Quality John Hills.
The science fair is scheduled for Tuesday, February 28, 2016 at Portola High School. IRWD professionals will also help judge water-related projects that day.
For more information on our educational programs, please visit our website.
More Landscape Training Classes Offered
Have you been wondering how to landscape your yard with California friendly plants? Attend one of our classes and learn six ways to make your garden California Friendly.
There are classes planned through February with one class taught in Mandarin.
In these classes, you will learn:
- How to use a holistic approach to gardening
- How to build a living soil sponge
- Rethinking elements of your site
- The right plant in the right place
- How to use rainwater as a resource
- How to manage your irrigation
All classes will be held at the Irvine Ranch Water District headquarters building, 15600 Sand Canyon Avenue, Irvine.
Dates are:
- Wednesday, November 16 – 6-9 p.m. (taught in Mandarin)
- Wednesday, January 18 – 6-9 p.m.
- Saturday, February 4 – 10 a.m. – 1 p.m.
- Wednesday, February 22 – 6-9 p.m.
Sign-ups are required, so visit rightscapenow.com/events and sign up now.
Annual Pancake Breakfast in the Marsh on Tap
There is nothing like feasting on freshly made pancakes in the setting of the Irvine Ranch Water District’s San Joaquin Marsh on a cool autumn morning.
It’s once again time for the Sea and Sage Audubon Society’s 24th annual pancake breakfast. The event is scheduled for October 29 from 7:30-10:30 a.m.
Come enjoy flapjacks and sausage hot off the griddle, fresh fruit, orange juice, coffee and milk. After filling your tummies, take a guided walk around the ponds to view the bird life and browse through the collection of used books for sale. Bring your binoculars. There will be spotting scopes set up for maximum bird viewing.
Reservations are required by calling the Audubon House at (949) 261-7963 between 8 a.m. and 4 p.m. daily. The cost of the breakfast is $10 for adults and $6 for children age six or under. Children under age three are free.
There is something for everyone at the pancake breakfast. Bird walks are scheduled during the morning, before and after breakfast. The book sale begins at 7 a.m.
Stop by the Education table for a great exhibit showcasing some of the art projects the kids made at camp this past summer. Learn about opportunities for adult volunteers to help share a love of nature with school children. Find out about the new education program which combines art with science, plus a host of other exciting education activities to investigate.
On the Duck Club back porch, Optics4Birding will be displaying some of their optics equipment for birders. This is a good opportunity for you to check out the latest in binoculars or scopes and ask questions.
Inside the Duck Club, there will be ample information about the Sea and Sage chapter and many ways to become involved. Raffle cards may be stamped for entry into the drawing for special prizes.
Near the welcome take by the Audubon House, Wild Birds Unlimited will have a have a table with bird seed, feeders, and other bird feeding items. Representatives will be happy to answer questions about how or what to feed your birds, where to place your bird bath, what plants attract birds and more.
Don't forget to stop by Audubon House to see the taxidermy birds on display, browse through the gift shop and book store, and check out the newly reorganized reference library. Volunteers inside Audubon House will be available to answer questions about Sea and Sage, birds, conservation issues, and education.
Check out the Sea and Sage website for more information.
