California officials said the state’s deepening drought means they won’t be able to deliver any of the water sought by contractors that supply two-thirds of the population and a million acres of farmland.
Officials in drought-stricken California said that for the first time in state history, they won’t be able to provide any water to contractors that supply two-thirds of the population and a million acres of farmland.
California , whose power bonds received a credit-rating boost, plans to borrow $1.9 billion to refinance debt sold to purchase electricity for cash-strapped utilities during the state’s power crisis a decade ago.
California completed its sale of $1.8 billion in tax-exempt debt, dropping yields from preliminary levels as much as 0.05 percentage point after individual investors placed orders for more than half the offering.
California took orders yesterday from individual investors for $772 million, or 40 percent, of the $1.9 billion of debt the state is selling this week to refinance bonds issued during its energy crisis almost a decade ago.
California Governor Jerry Brown is ready to declare an end to an almost three-year drought that threatened the state’s $35 billion-a-year agriculture industry after a deluge of snow and rain filled reservoirs.