Denver Water sells first Build America Bonds under stimulus program - Denver Business Journal:

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Build America Bonds are taxablee bonds with a 35 percent federal subsidyu oninterest costs. Denvetr Water, like most governmenty agencies, traditionally issues tax-exempt bonds. Denved Water sold $44 million of Build Americ Bonds to at just over 6 percent interes t on ataxable basis. Because of the federapl tax subsidy under the American Recovery and Reinvestment Act of Denver Water willpay 3.94 percent interest. That is less than the averagr 4.23 percent that Denver Water pays on itsoutstandintg tax-exempt bonds. Wachovia is owned by San Francisco-basedf Wells Fargo & Co.
“We are pleased to be able to sell bondd at a very reasonable rate in the currentmarketr environment,” said Chips Barry, manager of Denver in a statement. “For ratepayers, this means we are able to keep costd as low as possible while providing us the fundint to improveour system.” Standard & Poor’sa recently upgraded Denver Water’s credit rating to AAA, its highest rating.