Irvine Ranch Water District Finance and Personnel Committee Meeting April 7 2026
Bank of America LOC Continues for 2009-A Bonds
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Description
Irvine Ranch Water District’s $40 million Series 2009-A variable-rate bonds are backed by a Bank of America letter of credit through May 1, 2028. U.S. Bank serves as remarketing agent with a 0.340% LOC fee on the supported amount.
Contract Details
Contract Amount
$40,000,000
Vendor
B OF a
Agency
Irvine Ranch Water District, CA
Contract Type
FINANCIAL_SERVICES
Document Date
April 6, 2026
Contract Term
June 4, 2009 – October 1, 2041; LOC reimbursement agreement dated April 1, 2025 expiring May 1, 2028
Renewal Date
2028-05-01
Renewal Info
Bank of America reimbursement agreement dated April 1, 2025 expiring May 1, 2028; renewal or replacement of the LOC is required before expiration for bonds maturing October 1, 2041.
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