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Articles

$23.7 million offer to be made to Golden State

Bill Warner, Ojai Valley News reporter

The Casitas Municipal Water District (CMWD) has made an offer to buy the Ojai District of the Golden State Water Company (GSWC) for the sum of $23,700,000. The purchase offer was made in a Feb. 26 letter to the attorney representing GSWC, George M. Soneff, of the Los Angeles-based firm of Manatt, Phelps & Phillips LLP.

The letter, prepared by CMWD's special counsel Jeffrey Oderman, expressed the water provider's wish to acquire the tangible and incidental intangible property and property rights and assets of GSWC's Ojai operation. The amount does not include the discounted value of GSWC's account balance for charges figured under the Water Rate Adjustment Mechanism (WRAM), and it does not yet deduct the amount of any prepaid fees, charges or refundable deposits paid by property owners.

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