West Covina : Bonds to Pay for Reservoir
A total of $6.7 million in bonds will be sold to fund construction of a new reservoir and water pipeline in West Covina.
The City Council, acting jointly as the Public Financing Authority, voted 4 to 0 to adopt a resolution authorizing the use of bonds to fund the improvements. Councilman Steve Herfert was absent.
Rauscher Pierce Refsnes Inc. will underwrite the bonds.
The pipeline will be built on Amar Road, with the reservoir constructed just to the north. No timetable for construction has been set. The new facilities will save the city the cost of obtaining water from the Metropolitan Water District, city officials said.