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Learn about California Department of Water Resources Water System Revenue Bonds, including Key Projects and Senior Management of the Department and Key Financial Officers.
The Department of Water Resources owns and operates the State Water Project (SWP), a water storage and delivery system of reservoirs, aqueducts, power plants and pumping plants extending more than 700 miles—two-thirds the length of California. Planned, constructed, and operated by the Department of Water Resources, the SWP is the nation’s largest state-built, multi-purpose, user-financed water project. It supplies water to more than 26 million people in northern California, the Bay Area, the San Joaquin Valley, the Central Coast, and southern California. SWP water also irrigates about 750,000 acres of farmland, mainly in the San Joaquin Valley.
The Department currently has $3.06 billion in water system revenue bonds outstanding. The debt has a final maturity of December 1, 2035. The State Water Project Contractors are responsible for the payment of debt service on the bonds and are billed annually for their share of the debt obligation. The Department has structured each new issuance of bonds with relatively level annual debt service payments.
The Department has both fixed and variable rate debt outstanding. Total long-term fixed-rate debt outstanding is $2.91 billion (95%) and long-term variable-rate debt outstanding is $149 million (5%).