Investor Relations

Debt Information

Western Municipal Water District issues debt to fund its Capital Spending Plan. Debt proceeds may be used to pay for the design, acquisition, and/or construction of capital projects. From time to time, the District may also issue debt to refinance outstanding debt obligations as market conditions warrant. The refinancing is typically done to lower the District’s borrowing costs and related debt service payments.

Western Municipal Water District’s Bond Credit Rating

(Click link to view rating report)

The District’s historically sound financial and operations management has allowed it to achieve excellent credit ratings. The District, as part of its formalized debt policy, meets with the rating agencies periodically to provide a financial update. A sound credit rating results in lower borrowing costs. The current ratings for the District are as follows:

Outstanding Bonds Issues

(Click link to view official statement)

At June 30, 2022, the District had $155,873,839 in revenue bonds outstanding.

Tax Exempt Offerings

2012 Series A Revenue Bonds (Adjustable rate with a SWAP agreement)


2020 Series A Revenue Bonds (Fixed rate)

Continuing Disclosure

The District meets its continuing disclosure obligation to provide certain annual financial information and operating data, including its audited financial statements. This information goes to the Municipal Securities Rule-Making Board (MSRB) through its Electronic Municipal Market Access (EMMA) website pursuant to SEC Rule 15c2-12, and pursuant to the Continuing Disclosure Agreement of the various debt issues.

Financial Reports and Policies

Notice of Retention of Independent Registered Municipal Advisors

By publicly posting the following written disclosure, Western Municipal Water District intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.

Western Municipal Water District (WMWD/District) has retained one or more independent registered municipal advisors. WMWD is represented by and will rely on its municipal advisors, Fieldman Rolapp & Associates, PFM, or Columbia Capital Management, LLC (or other independent financial advisory firm), to provide advice in evaluating recommendations or advice from financial services firms concerning the issuance of municipal securities and municipal financial products (including investments of bond proceeds and escrow investments) as such terms are defined in the SEC’s Municipal Advisor Rule. Proposals may be addressed to the attention of Kevin Mascaro, Assistant General Manager/Chief Financial Officer of the District, at 14205 Meridian Parkway, Riverside, CA 92518. If the proposal received will be seriously considered by WMWD, the District will share the document with one or more of its municipal advisors.

Auditors & Consultants

  • Auditors
    • Clifton, Larson, Allen
  • Bond Financings:
    • Counsel: Best, Best, & Krieger
    • Financial Advisors: Fieldman, Rolapp & Associates or Columbia Capital (formerly C.M. de Crinis and Co.) or Public Financial Management (PFM)
    • Underwriters:
      • Bank of America Merrill Lynch
      • Stifel, Nicolaus & Co.
      • Toronto-Dominion Bank
  • Investment Advisor
    • Chandler Asset Management