FOR IMMEDIATE RELEASE
IBank Board to Consider Amendment to Existing Financing with Paradise Irrigation District SACRAMENTO (July 17, 2019) – The California Infrastructure and Economic Development Bank (IBank) Board will decide whether to approve an amendment to the repayment terms of Infrastructure State Revolving Fund (ISRF) financing with Paradise Irrigation District on July 24.
In 2018, California suffered the most devastating wildfire season in California’s history. The Camp Fire of November 2018 was the deadliest in California history with 85 lives lost. According to Cal Fire, it also destroyed approximately 18,804 structures – most of which were connected to the District’s system.
If approved, the amendment would defer payments until such a time when Paradise Irrigation District may be more equipped to repay debt for its water project. The deferment will void distraction so PID can meet its mission: dedicating itself to the business of producing and delivering a safe, dependable supply of quality water in an efficient, cost-effective manner with service that meets or exceeds the
the expectation of its customers.
What: IBank Board Meeting
When: July 24, 2019, 2 p.m.
Where: IBank Conference Room, 1325 J Street, 13th Floor, Sacramento, California 95814. Board
Meetings are open to the public. Please be sure to have your government-issued identification (driver’s
license) with you for entry into the building.
About the California Infrastructure and Economic Development Bank
IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information on our website.
Gabrielle Stevenson
Public Information Officer
Email Gabrielle, HERE
