Good look at the many things that could be part of a water deal from the special session.
September 16, 2007. 0 comments. Topic: Water
Major California Water Deal Could Come as Early as Wednesday
Outlines of a Possible Agreement Beginning to Emerge
By Frank D. Russo
No one knows for sure whether a massive multi-billion dollar deal will come together quickly--perhaps by Wednesday--in the special session of the California legislature that is now in session in Sacramento. If they do know, they are not talking.
If agreement is reached and takes place next week, even with the promise that there will be hearings in both policy and fiscal committees before a floor vote, this issue which has such profound implications for the state of California could be done in a day or less, with most of the critical discussions taking place in the closed door caucuses of both parties behind closed doors.
Whatever is passed will have bonds--most probably in the $5 to $6 billion range--which must be approved by the voters as a "general obligation bond" ballot measure--unless a "revenue bond" backed by anticipated payments of those using water is part of the deal, which does not appear likely. General obligation bonds are paid out of the state's general fund over a period of years and are the garden variety used for most infrastructure of long lasting effect.
