SANTA ANA : Bond Sale to Fund City Water Projects
The City Council has approved the sale of bonds worth $24 million to fund future water system improvements.
The council unanimously approved the sale without comment at its regular meeting Monday.
The 30-year bonds will be used to pay for several water delivery projects, including replacement and expansion of the Garthe Reservoir, and the replacement of water mains along First Street. Those projects should be completed by August, 1997, according to a staff report.
Interest on the bonds is expected to be no more than 6.5% and they are expected to be issued by August, the report stated.
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