Demonstrating its ongoing commitment to responsible financial management and customer value, the Imperial Irrigation District (IID) Board of Directors approved a financing plan that will reduce costs and strengthen the District’s financial position by refinancing a portion of its existing electric system debt.
The refinancing, known as the 2026 Electric System Refunding Revenue Bonds, allows IID to take advantage of lower interest rates, similar to how a homeowner refinances a mortgage to reduce payments, resulting in meaningful savings for the District and, ultimately, its customers.
“This is the kind of responsible financial decision our customers expect from us,” said IID Board Chairwoman Karin Eugenio. “We are continuously looking for ways to operate more efficiently and reduce costs. By locking in lower interest costs now, we're reducing long-term obligations and putting the District on a stronger financial footing for the years ahead.”
The refinancing replaces approximately $150 million of IID’s existing 2015 bonds with new bonds at a lower interest rate, generating an estimated $1.9 million in annual debt service savings. These reduced interest expenses strengthen the District’s financial position while supporting continued investment in the electric system customers rely on every day.
For customers, the $20.7 million in savings through 2038 helps limit upward pressure on the electric rates while supporting reliable service. These savings also provide added flexibility for IID to continue investing in infrastructure that benefits homes, businesses, and agriculture across the region.
The financing plan was developed in coordination with the District’s financial advisors, bond counsel, and underwriting partners.
