CBCWACentral Brown County Water Authority (Wisconsin)
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Higher CBCWA rates have resulted from the lower overall usage experienced by De Pere and the other communities.
De Pere's rates are regulated by the PSC, which allows for automatic adjustments to rates resulting from changes in purchased water costs from CBCWA.
The contractual obligation on the CBCWA debt extends through the final maturity on those bonds in 2035.
However, in response to the state's requirement that communities mitigate water quality concerns related to radium and other contaminants, the charter members, along with various other entities, formed the CBCWA in 1998 to act as a wholesaler of Lake Michigan surface water.
Each charter member's share of debt service is payable to CBCWA effectively one year in advance.
The members have experienced financial pressure resulting from lower water sales in recent years and expenditures that are primarily fixed as they are driven by CBCWA debt service.
First, CBCWA maintains a significant level of unrestricted cash in its coverage account in addition to restricted monies allocated to each charter members' security fund accounts.
Under the contract CBCWA bills charter members for operation and maintenance (O&M) costs, fixed costs (including the payment of debt service and capital costs), and security fund deposits.
If a charter member cannot make its payment under the contract, CBCWA is obligated to draw monies from the defaulting charter member's security fund (equal to approximately two to three months of allocable O&M expenses) to cover the costs under the contract; if that proves insufficient, CBCWA shall draw from the non-defaulting charter members' security funds per the joint and several nature of the contract.
CBCWA's rating is based primarily on the credit quality of the two largest charter members (De Pere and Howard) given the step up requirements of the contract and given the budgeted share of water deliveries of the two members consistently accounts for the majority of CBCWA water deliveries and corresponding payments.
3 million in 2004, representing an average annual increase of approximately 60%, as a result of the switch to CBCWA provided water.
Proceeds from this issue will finance improvements largely related to the transfer to CBCWA provided water, including construction of a reservoir and also water main construction in relation to several major road and bridge projects in the city.