Beverly Hills News – City Council to Vote on Bond Funds for WEP
Posted: Wednesday, September 9, 2015 – 12:10 AM
The City Council is set to vote on a recommendation by the Board of Directors of the City of Beverly Hills Public Financing Authority that would authorize the issuance and sale of revenue bonds, on one or more series, in an aggregate principal amount of approximately $60,000,000 to reimburse advances made by the Financing Authority or the City for the Water Enterprise Plan (WEP).
The WEP will, over the next ten years, decrease the City’s reliance on the Metropolitan Water District (MWD) by increasing the City’s ability to produce more of its own water.
This action will give the City the flexibility to issue bonds as an option for reimbursement of expenditures in the future if desired.