The purpose of this web page is to provide disclosure and other information related to the issuance of WSSC bonds and other debt obligations. In order to enhance transparency for our investors, WSSC produces an annual report on the status of all outstanding notes and bonds, (copies of which are included on this page). We encourage readers to look through this information. Also, our debt policy is available for review to better understand the procedures and goals of the WSSC.
On November 9, 2017, the Washington Suburban Sanitary Commission sold it’s $459,250,000 Consolidated Public Improvement Bonds of 2017 and it’s $220,180,000 Consolidated Public Improvement Refunding Bonds of 2017 through a competitive sale. WSSC received six bids for the CPI Bonds with the winning bidder, Citigroup Global Markets Inc., offering an interest rate of approximately 3.27%. WSSC received six bids for the CPI Refunding Bonds with the winning bidder, Goldman Sachs & Co, LLC, offering an interest rate of approximately 2.45%.
In addition, on December 13, 2017, the Washington Suburban Sanitary Commission sold it’s $79,075,000 Consolidated Public Improvement Refunding Bonds of 2017 (Second Series) (2019 Crossover) through a competitive sale. WSSC received seven bids for the CPI Refunding Bonds with the winning bidder, Citigroup Global Markets Inc., offering an interest rate of approximately 2.16%.
For background, bonds are issued as the Washington Sanitary Suburban District, which is a sanitary district incorporated under Chapter 122 of the Acts of the General Assembly of 1918, as amended. It is governed by and is under the jurisdiction of a commission of six members constituting a statutory body corporate under the name of the Washington Suburban Sanitary Commission (the “Commission”). The District operates as a public corporation of the State of Maryland under the Public Utilities Article of the Annotated Code of Maryland, as amended (the “Public Utilities Article”). Through its governing body, the Commission, it provides, as authorized, water and sewerage systems, including water supply and sewage disposal facilities for Montgomery and Prince George’s Counties, Maryland. The Commission is authorized to issue debt under the Public Utilities Article and includes the nature and form of debt, exemption from taxation, eligible projects for debt proceeds and debt retirement, refunding provisions, consolidation for sale provisions and other guidelines. Debt is issued as needed to finance (i) the costs of construction or reconstruction of water supply facilities, water supply lines and transmission mains, sewage disposal facilities, sewer collection mains and trunk sewers; and (ii) the costs of issuing the Bonds.
WSSC enjoys top bond long-term ratings from three major rating agencies:
These highest-level ratings reflect the Commission’s strong service area, robust financial position, and accomplished financial management.