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<br />Page?
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<br />Tab~)
<br />llli.... Q-art... C~_ WlJi,t~n1 SuM"-
<br />(Vo""-t;b1S.iJlioll5)
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<br /> 3rdQuar1er1990 )rdOuancr)991
<br />r.;umbcrofluuc:lo 7) 87
<br />Gt'OI\6Volu~ l681 $1287
<br />%~nuc 8J '"
<br />""Competitive 44 "
<br />%Insun:d Ui ,..
<br />Ave...~NcI
<br />'"tcrat COil (%) 7.23 6.92
<br />Rond Buyer
<br />G.O.lndeJ(%) 754 6.93
<br />Average Sprud ($) 18-'6 IS.J6
<br />
<br />s......,., F..._o-C<>..........""'w_<<l..,..sr-.....I>>t:.
<br />w"'...___._ooldbr_......-r__"""'1'I>l
<br />
<br />.
<br />
<br />16 is....ues smaUcr than $1 million} than among larger borrowers
<br />(they accounled for only B of 35 issues above $5 million).
<br />As usual,. spreads on revenue bonds, at $14.24 per $1,(X)Q.
<br />.....ere below spreads on GOs, $18.30. Also as usual, spreads on
<br />small revenue bond L'\SUes were larger than spreads on larger
<br />issues. Issues smaller than $1 million averaged !>prcads of
<br />$15.91 per SI,()(X) of {ace value; issues abovc $20 million aver-
<br />aged spread.. of only $10.91.
<br />About one third oftbe issues (30 out 0(87) accounting for
<br />one third oC proceed.... ($462 oul of $1287 million) were is....ued
<br />competitively. Competiti...c ~ucs averagcd NICs of 6$7 per-
<br />cent..bclow the 7.03 percent average for negotiated is....ues.
<br />They averaged spreads of $15.45. slightly above the $1536 for
<br />ncgotiatcd issues.
<br />
<br />T.h'"
<br />M..l.... Sha~ orTop III Lrlld l....w"'ric~n
<br />Underwriting ninl Q-l1u J99t (Punltt)
<br />UcuStearm 23.3
<br />Bear Slearns Mcmlll.yn<:h c..plt,al M.rl.cts' 14.1
<br />captured the No.1 po- Smith R.orney Hunl. 10.0
<br />sit ion on thc WS Un. Stone Young 9.0
<br />duwrirer Top Ten Goldnan s.chs 9.0
<br />solely on the strength Rausche:r Plem: RefllC5 6.9
<br />of its single $300 mil- Chemical Secuntics 4.6
<br />lion California is....ue. Prudential_Bache S<<unfics 2..1
<br />Merrill Lynch made Paine Suh,;,idiary 2.2
<br />No.2 through three Dougherty.Dawbn5.,Strilnd &: YOI.t 2.1
<br />i.'>sues, and Smith "1Jld____
<br />Barney No.3 with $oww- C-.pdod""'-"'-"'~"""'5DC"",,,
<br />
<br />four i.\Sues. No single undcNTitcrdominates water bond mar-
<br />kets from quarter to quarter. The specialved nature of waler
<br />financings and the infrequency .,.,;th which borrowcr.'> issue
<br />bonds keeps the market open to regional undeNTiters. 0
<br />
<br />It I
<br />
<br />Rules of the River
<br />. . . cOltlinued from page 2
<br />
<br />...,
<br />RNu<<ioM ia E.,;t!._., 0- to Son~ (5<<. 41110)
<br />
<br />E~FrIit:torL Nln IMkinga determin.tionofnonllK-, the- Re-
<br />ponal Dirtttor, in t'OI\I.ullllliotl wilh appropriate StIle: aJCncie.5, will
<br />t'OMidc:rre-le..-anlrKtS,ciKull1naft(U,and rondilionslhalrna-ybe unique
<br />toc:actI State,CORIiu;tenlwith Ihe followingguideline5;"
<br />(1) "The Rc:gion.1 Oireaorl.halloorW4cr lheuniqucupcctsofoo.
<br />rnu.tic.l'ld.grinJltul1ll Ul.C:601watcr.nd.llowronsideralionolfutun:
<br />powth in ....Ierdcmands fordbmnac 1ol$C1;"(emphuiJldded)
<br />(2) '"The Rc:gional Dire-ctor ,,'iJJ nt.rIUr Ihal enlitle-menu an: DO(
<br />reduced as a result 0( nonUM: broughl.bout byimplemc:nlation 0( doc_
<br />ITlCnled water rolll.ClVlllion me&6uru;" (emphasis added)
<br />(3) ")fthe _terWiCr iii.ble to..h()9o'~nce 10 theutiNaction or
<br />lhe Regional Dire<<or thaI lhere-..;lI be a need rOrthc entin: entiile:mcnt
<br />..ifhUa /I rt~nabk~, lhe: Regional Dire-ctOt' will conAder additioftal
<br />build.up of water WiC I.l'hedule5 as . basis ror retaining entillemenl 10
<br />sufficient Colorado River w..ler ror the: user's puwth rot'. period or
<br />ye<lB. based up<m an n'Cl1Ige hi5loriC'a1 Jl'OI'-,h rale for alike number 01
<br />ye..rs, lldjw.ted ror rl!tJ!iOfJabk eOM/m.'mi/m. ... The: Regional Dirc:dor,
<br />inron.wlllltion'NIth.ppropriate Stllc:agencie$,willrc:viewlhir.pl'\ljec.
<br />tion t\-'Cry 5 yean; ..nd make a ne.... determination of need;" (empha.;~
<br />adde:d)
<br />(4) '111e pulest qu.lntityor Cok>ndo- RNerwaterentitkmeD! pul
<br />to re-asotl&hle- bener.nal use, &Ii reponed by the: waler Ul.Cr OYer the
<br />prr'o-ious 5 ~IIIT . . . I.h..lI be considen:d to be the ba6C UI.C ol the
<br />entillemenl for that period;" (emphasil. added)
<br />(S) "1lIe: Regional Dirtttor may oonl.ider any Federal or Slate
<br />I.tatutoryauthority for lhe alk;:N.-;ance ofnonUloC;"
<br />(6) "For munidpill COlllract LII.C:~ the: Region.1 Oirtttor may take:
<br />into acc:ounl r/tctors including. but not limited 10. current population,
<br />growth rate, markn and ~ofWmic j/<4ctl4ltWtI$, current water w.c: pcr
<br />ClIpiU. and projcn use pcrc,ap;ta, cum::nt indUl;trial use, documented and
<br />fulurc:nttd!;.otheru5e$ol....aler.the.mounlandlOu~o(othe:r..<lter.
<br />and ,;my DIM foaors dcrmrd ro ~ rtln'OJll 10 Ihe municipalily's actual
<br />need ror Cok>n40 Rillt'r1ll'lller; and" (emphasis Idded)
<br />(7) "Foragricuhural contract users,the Regional Dirc:dorlMytake
<br />inlOKCot.lnt fOKtOBincluding. but nOl limite:d to. irrigable acresalld acres
<br />irrigatcd,croppingpalterTll.,returnllownltCi.,divcrsioN.,evapotranspi_
<br />ralion nltes. irriplion drlriency, and type-and ooltdilion of irrigation
<br />5)'1teml.utilized.~
<br />~ofN~alldRMw:tionof~ ~Upona
<br />final delermil'l<llion ofnonuw: by the: Regioaal Director,.." the Regional
<br />Director l.haU i.'\$uc to the: UKr, IS appropriale. a CCaI.C .nd dQW order
<br />rcducingthc:user'l.enlitle-mellt." Irthe uw:rdi:l;agreuwith the Regional
<br />Director'1. determination, Ihe ...ser may appeal the derision 10 the Corn-
<br />miMioner. If lhe: Regior'tal Director's detcrminalion is "'not tel.Cinded_
<br />. rc:liult of. slKTtIMul appeal. . . . the Regional Dire-Clor will pl"l:Joildc a
<br />C'OnIrac1 amc:-ndmc:nl 10 lhe Wic:r for ueculion ..-hidt shall renCC1 lhe
<br />reduced enlitle-melll. U the user refuses 10 properly cxecute ttle contract
<br />amendmcnl, the Rcgiol'l<ll Director may lIdmini$lrltM:1y reduce: the
<br />uw:r's contracl enlitlemellt and the U5Cr lherurter will be cllIilled 10
<br />dMn no more water tnan is allowed under the redlKCd cnlttkmcnL"
<br />~ofR<<aplUrNF~ "An entitlernenttoCoiorwo
<br />Rivc:r"'lllerll\lldea~"';13hle_aresuJtol'n:dllClionba<lWic:olafillding
<br />or nonl.llC will be made lv.Jilable 10 otherwater ~r(s)withinthe: 'ppro-
<br />pri.le SUte, _ determined by lhe Secn:La.ry (ollllterior)."
<br />f'iw-YN7~ofW-~"fbewaler\.IN:olcac-h"'llter
<br />user may be m-;ewed by the Rcgion,al Di~or .1 S-ycar intervak 10
<br />venfy Ihat ,,-aler iI; being w.c:d in acroroanC'C: wilh lenns 0( tbe toI:ltl1lCl.
<br />Use noc in acrordltn<<:with lhe: lenNiolthe rontractort~ re-gulalion$
<br />may rt$ull in an ltdjustmc:nt ollhe: ..-ater lUCrI. CokJrado River .....ter
<br />entillement."
<br />
<br />cortonuedMpo~ 11...
<br />
<br />\VATER STRATEGIST Pnbli,hod hy S'''IOOOo. I"" P,O, 60,963, C1mmonl, CA 91711
<br />
<br />(714) 621,4793
<br />
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