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Big borrowing for Nacimiento water project 

San Luis Obispo County will soon be issuing bonds for as much as $235 million to pay for the Nacimiento Water Project, following unanimous approval on Aug. 28 by the Board of Supervisors.

It's the largest bond issue the county has ever seen, said county auditor Gere Sibbach, calling it "a very significant action."

He pointed out that county taxpayers have been paying for Nacimiento water since the 1960s, with two failed attempts to build a pipeline before "the cities stopped fighting and decided to work together."

The $235 million is a "not to exceed" amount, said Public Works Department Administrator Will Clemens in an interview after the meeting, adding, "It's kind of exciting. It's the only thing accountants get excited about."

The first payments on the bonds will be due in March.

 

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