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]

{ 1 comment… read it below or add one }

Jon Wantz January 28, 2010 at 1:44 pm

No matter how you look at it, the taxpayer is paying for this one. Whether it’s on their water bill or in their paychecks.

I don’t see this project getting held up any longer as it seems the “good fight” is over.

We have to try to control what happens from here forward and make sure that this project has more oversight than any of our local projects have had.

This is a wait and see moment now….

Jon Wantz
Candidate for Carlsbad City Council 2010

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