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Valley Water saves millions on infrastructure projects with AB 939

June 04, 2024
Valley Water sign

Through the provisions of AB 939, Smart Financing for Valley Water Infrastructure, authored by Assemblymember Gail Pellerin (D-Santa Cruz), Valley Water secured the ability to issue revenue bonds. The Valley Water Board of Directors recently authorized up to $450 million in revenue bonds to fund water utility capital projects. This effort leads to debt service savings for ratepayers in the millions, which assists Valley Water in keeping water rates low for the community.

“We are so pleased to see AB 939 already providing savings for Santa Clara County and our ratepayers,” Valley Water Board Chair Nai Hsueh said. “We greatly appreciate Assemblymember Pellerin’s efforts to ensure Valley Water has the financing tools necessary to respond to the impacts of climate change on our water supply, flood protection and ecosystems.”

Passed in 2023, AB 939 amended the Santa Clara Valley Water District Act to reduce the cost of financing water and flood protection infrastructure projects by tens of millions of dollars. It also made technical changes to improve Valley Water’s governance and operations.

Valley Water manages an integrated water resources system that includes the supply of clean, safe water, flood protection and stewardship of streams on behalf of Santa Clara County's 2 million residents. The district effectively manages 10 dams and surface water reservoirs, three water treatment plants, an advanced recycled water purification center, a state-of-the-art water quality laboratory, nearly 285 acres of groundwater recharge ponds and more than 294 miles of streams. We provide wholesale water and groundwater management services to local municipalities and private water retailers who deliver drinking water directly to homes and businesses in Santa Clara County.