About

Learn about California Department of Water Resources Water System Revenue Bonds, including Key Projects and Senior Management of the Department and Key Financial Officers.

Bond Ratings [Water System Revenue Bonds]
AAA/Aa1
established in
1956
Water System Revenue Debt Outstanding
$3.06 Billion

About California Department of Water Resources

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%).

Key Projects

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Senior Management of the Department and Key Financial Officers

Cindy Messer

Managing Deputy Director

waterbonds@water.ca.gov

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Katherine Kishaba

Deputy Director of Business Operations

waterbonds@water.ca.gov

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Ted Craddock

State Water Project Deputy Director

waterbonds@water.ca.gov

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Vinay Narjit Singh Behl, CPA

Comptroller & Chief Financial Officer

waterbonds@water.ca.gov

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Lisa Toms

Manager, SWP Enterprise Cost Analysis and Billing Branch

waterbonds@water.ca.gov

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View Senior Management of the Department and Key Financial Officers