Rainbow MWD to finance exit fee with 10-year loan

A 10-year loan will fund the exit fee the Rainbow Municipal Water District paid to the San Diego County Water Authority to leave the SDCWA.

During a Nov. 19 special meeting of the Rainbow board, a 5-0 vote approved a resolution authorizing the execution of the loan from U.S. Bank. The loan covers the entirety of the $15,798,250 exit fee.

“We were looking at this as how we could best pay the exit fee,” said Rainbow General Manager Jake Wiley.

In July 2023, San Diego County’s Local Agency Formation Commission approved a reorganization for Rainbow and the Fallbrook Public Utility District to deta...