Irvine Ranch Water District Finance and Personnel Committee Meeting April 7 2026
Bank of America LOC Backs 2011-A-1 Bonds
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Description
Irvine Ranch Water District maintains its $34.44 million Series 2011-A-1 Refunding bonds with a Bank of America letter of credit through February 8, 2027. The daily-reset variable-rate debt uses Goldman as remarketing agent with a 0.320% LOC fee.
Contract Details
Contract Amount
$34,440,000
Vendor
B OF a
Agency
Irvine Ranch Water District, CA
Contract Type
FINANCIAL_SERVICES
Document Date
April 6, 2026
Contract Term
April 15, 2011 – October 1, 2037; LOC reimbursement agreement dated February 1, 2024 expiring February 8, 2027
Renewal Date
2027-02-08
Renewal Info
Bank of America reimbursement agreement effective February 1, 2024 and expiring February 8, 2027; District must renew or replace the LOC before expiration to support bonds maturing October 1, 2037.
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