Poseidon Get’s $530 Million In Bonds

by The Editors on January 28, 2010

Poseidon Resources Corp, the company that plans to build the desalination plant on the Agua Hedionda lagoon say they were just approved for $530 million in tax exempt bonds from the State of California, according to a story in the North County Times.

The Private Activity Bonds were approved by the California Debt Limitation Allocation Committee. These bonds are used to finance private projects judged to benefit the public. . . Peter MacLaggan, Poseidon’s senior vice president, said in a statement that the bonds’ tax-exempt status means they can sell for a lower interest rate than taxable bonds, lowering the cost of the desalinated water to the buyers.

Isn’t it nice when the Government helps private business?

[Link: North County Times]

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