State Sells $180 Million in Water Bonds:...
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From Times Staff and Wire Reports
State Sells $180 Million in Water Bonds: The sale was conducted to pay for a portion of construction costs for the California State Water Project. A syndicate headed by Dillon Read & Co. was the low bidder at a cost of 6.8588%, the lowest interest rate for the last 20 years for revenue bonds. The bond rating agencies, Moody’s Investor Service and Standard & Poor’s Corp., each assigned a rating of “AA” for the issued Department of Water Resources bonds.
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