Opus Bank’s Public Finance division provides $11,455,000 water revenue bond refinancing
Overview of Transaction
The City of Lathrop (“City”) was incorporated in 1989 in California’s San Joaquin Valley and is now home to over 22,100 people. The City provides public safety, water and sewer, street maintenance, public transportation, park and recreation, as well as general administrative services to its residents.
Significance of Transaction
The loan provided by Opus Bank refinanced water revenue bonds of the City, with expected net present value savings of more than $3.8 million for the City’s water customers over the next 15 years.
Opus Bank's Role
The bond refinancing was completed on a quick turn-around schedule, maximizing the water rate savings benefits for local residents and business.