Opus Bank’s Public Finance Division Provides $10.1 Million in Wastewater Improvements Financing for the City of Mountain View, CA
Overview of Transaction
The City of Mountain View (“City”) was incorporated in 1902 and is in the heart of California’s Silicon Valley and home to over 80,000 people.
The City provides police and fire; water, wastewater and solid waste utilities; street maintenance; parks and recreation; library; planning and zoning; economic development and housing; transportation and engineering; and general administrative services to its residents. It also has a state of the art Performing Arts Center and an 18 hole golf course.
The City operates a wastewater utility system that services over 18,200 accounts.
Significance of Transaction
Opus Bank (“Opus”) worked with the City staff and its financing team to provide wastewater infrastructure improvements financing for a variety of projects designed to improve, upgrade, and replace sewer lines and mains in the City’s existing wastewater system.
Opus Bank's Role
Opus offered the City a flexible financing structure that uniquely addressed the project needs and schedule, while providing significant interest cost savings that benefit the customers of the City’s wastewater system.
The financing was completed on a quick schedule to ensure availability of funds to commence the work.