IBank Board Approves $1.5 Million to City of Waterford for Hickman Water System Consolidation Project

Project essential to ensure Hickman residents have clean drinking water categories

SACRAMENTO, Ca (October 1, 2025) - The California Infrastructure and Economic Development Bank (IBank) Board has approved $1.5 million in loan financing for the city of Waterford to finance the Hickman Consolidation Project. The project will connect the city's water system with that of the neighboring community of Hickman, ensuring safe, reliable drinking water and improved emergency response capabilities for residents.

The $1.5 million Infrastructure State Revolving Fund financing will allow the construction of a 5,500-foot water pipeline from Waterford to Hickman, allowing Hickman residents to receive clean water from Waterford's system.

IBank's financing will cover project costs including pipeline construction, trenching and paving, and water main improvements. The new pipeline is expected to benefit more than 750 Californians, improve fire protection and system redundancy, and help ensure compliance with state water quality standards.

"Access to clean, sustainable drinking water is essential to the health and wellbeing of every community," said IBank Executive Director Andy Nakahata. "IBank's investment not only ensures Hickman residents have reliable water for generations to come, it also strengthens local resilience through better fire protection, supports job creation, and helps communities meet water quality requirements."

"The City of Waterford would like to thank IBank for funding a much-needed water infrastructure project that will improve the quantity and quality of water for the community of Hickman," said Waterford City Manager Michael Pitcock. "Without this project, the community of Hickman would continue to be at risk for fire and poor water quality."

The project is expected to create up to 15 construction jobs and be completed within six months of breaking ground.

About the California Infrastructure and Economic Development Bank: IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank is located within the Governor's Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information at https://www.ibank.ca.gov.