LA OKs $322M In Bonds For $637M Water System Project

Law360, New York (June 27, 2012, 4:08 PM ET) -- More than half of a $637.3 million project to overhaul Los Angeles' water system, including making major improvements to the L.A. Aqueduct Treatment Plant, will be financed with bonds, after a commission approved issuing $322 million in city bonds Tuesday.

The city council adopted a resolution to allow the Los Angeles Department of Water and Power — one of the largest municipalities in the U.S.— to issue the water system revenue bonds. The bonds will have a maximum 45-year term and are capped at an annual...
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