The Central Marin Sanitation Agency sold bonds for the first time yesterday. UBS Securities LLC was the winning bidder for over $68 million of tax-exempt revenue bonds with a true interest cost of 4.32%.
“We are a joint-powers agency with three member agencies that provide wastewater collection. We provide the treatment and disposal,” said Jason Dow, executive director of the Central Marin Sanitation District, which formed a few decades ago.
The three member agencies collecting wastewater are the San Rafael Sanitation District, the Ross Valley Sanitary District, and the Marin County Sanitary District No. 2. All are located in the northern suburbs of San Francisco.
Public Financial Management is the financial adviser for the Central Marin Sanitation District. MBIA Insurance Corp. is insuring the debt, and Hawkins Delafield & Wood is bond counsel.
Bob Gamble, senior managing consultant for Public Financial Management, said that the bond proceeds will finance the creation of a wastewater treatment facility that could handle 10 times the capacity of the current system.
The money will also pay for four years of capital projects, including the creation of a new processing facility for fats, oil, and grease.
Additional projects might require future bond issuance, Dow said.
