CBCWACentral Brown County Water Authority (Wisconsin)
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CBCWA's rating is primarily based on the credit quality of the largest charter members given the step-up requirements of the contract.
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 to cover the costs under the contract.
Per the joint-and-several nature of the contract, if the draw from the defaulting member's security fund proves insufficient, CBCWA shall draw from the non-defaulting charter members' security funds, thereby providing a step-up obligation.
Separate from the various members security fund, the CBCWA also maintains a significant level of unrestricted cash in its renewal and replacement account, operations and maintenance reserve, and coverage account.
Given the borrowing related to the initial construction of CBCWA's distribution system in 2005 (which was refunded with the 2014A bonds), fixed costs are high.