Item 38 - Water Revenue Bonds - Laserfiche WebLink

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are fully paid, although the MWD Act permits the MWD Board to continue to levy taxes upon a declaration of fiscal necessity. MWD Supplies As discussed above, approximately 15% of City's water supply is imported from MWD. In Fiscal Year 2023, MWD supplied the City with approximately 7,894 acre feet of water. MWD member agencies, which use MWD water to supplement their own local water supplies, can be expected to increase their purchases of MWD water if their local water supplies are reduced. MWD reports that it had approximately 3.40 million acre feet of water in storage as of January 1, 2024, compared to approximately 2.99 million acre feet on January 1, 2023, 3.36 million acre feet on January 1, 2022, and 3.91 million acre feet on January 1, 2021. MWD faces various challenges in the continued supply of imported water to the City. A description of these challenges as well as a variety of other operating information with respect to MWD is included in certain disclosure documents prepared by MWD. MWD periodically prepares official statements and other disclosure documents in connection with its bonds and other obligations. MWD has also entered into certain continuing disclosure agreements pursuant to which MWD is contractually obligated for the benefit of owners of certain of its outstanding obligations to file certain annual reports, including audited financial statements and notice of certain events, pursuant to Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as amended ("Rule 15c2-12"). Such official statements, other disclosure documents, annual reports and notices (collectively, the "MWD Information") are filed with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access system ("EMMA") at http://emma.msrb.org. The MWD Information is not incorporated herein by reference thereto, and the District makes no representation as to the accuracy or completeness of such information. MWD HAS NOT ENTERED INTO ANY CONTRACTUAL COMMITMENT WITH THE DISTRICT, THE TRUSTEE OR THE OWNERS OF THE SERIES 2024 BONDS TO PROVIDE MWD INFORMATION TO THE DISTRICT OR THE OWNERS OF THE SERIES 2024 BONDS. MWD HAS NOT REVIEWED THIS OFFICIAL STATEMENT AND HAS NOT MADE REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED OR INCORPORATED HEREIN, INCLUDING INFORMATION WITH REGARD TO MWD. MWD IS NOT CONTRACTUALLY OBLIGATED, AND HAS NOT UNDERTAKEN, TO UPDATE SUCH INFORMATION FOR THE BENEFIT OF THE CITY OR THE OWNERS OF THE SERIES 2024 BONDS UNDER RULE 15c2-12. Water Demand, Deliveries and Sales Revenues The City records the volume of water delivered by the Water System. Over the past five years, the City has delivered, on average, 32,727 acre-feet of potable water. For 2023, the average daily demand is approximately 83.4 acre-feet. The following table summarizes treated water deliveries and the City's annual Water System Revenues for the most recent five Fiscal Years and the projection for Fiscal Year 2023-24. 24