Water district board approves $12 million in financing to replace pump plant engines, $12K bonus for GM
Tehachapi-Cummings County Water District will spend about $12 million to replace engines in two of its four pump plants, financing the project over 15 years with an estimated annual debt service of about $1.02 million. A total of eight engines — four each in Pump Plants 2 and 3 — will be replaced. In a follow-up to a presentation made in March, Jeff Land of Brandis Tallman, a division of Oppenheimer & Co., Inc., and Dmitry Semenov of Ridgeline Municipal Strategies, LLC, reviewed the board’s previous direction regarding financing options, during its May 17 meeting and the board voted 5-0 to authorize issuing certificates of participation, a type of financing similar to issuing bonds. The district expects to pay off the replacement of all four engines in Pump Plant 1 — which was completed in 2017 — in December. The debt service for that project has been about $766,300 a year.