The Monterey Peninsula is going to need every financial leg up it can get for the $400 million regional desalination plant, assuming it'll ever get built.
To that end, Gov. Jerry Brown has signed SB 936, authored by State Sen. Bill Monning, D-Carmel, and coauthored by Sen. Anthony Cannella, R-Ceres, and Assemblymen Luis Alejo, D-Watsonville, and Mark Stone, D-Santa Cruz.
The bill allows Monterey Peninsula Water Management District to issue its own water rate relief bonds for California American Water Co.'s Monterey Peninsula Water Supply Project, including the desal plant.
“By enabling an alternative financing mechanism to be issued, water users could realize rates that are lower than those achieved with traditional utility financing mechanisms," Monning stated in the press release.
His office estimates the water rate relief bonds will save local Cal Am ratepayers up to $66 million.
Monning gives a number of special shouts-out in his press release, specifically thanking MPWMD General Manager David Stoldt, Cal Am President Rob MacLean and Carmel Mayor Jason Burnett for their cooperation.
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