Central Coast lawmakers said Monday they have introduced a bill that would allow for public financing of a portion of the Monterey Peninsula water project proposed by California American Water.
The measure, Senate Bill 936, was introduced by Sen. Bill Monning, (D-Carmel), Sen. Anthony Cannella, (R-Ceres), and Assemblymen Mark Stone, (D-Scotts Valley) and Luis Alejo (D-Watsonville).
The bill would allow the Monterey Peninsula Water Management District to issue water rate relief bonds to the public to provide less-expensive, public financing for a portion of the proposed California American Water project.
The legislation ?is designed to protect ratepayers by potentially providing an additional financing option for the construction of the desalination facility,? Monning said in a prepared statement.
The bill would authorize the state Public Utilities Commission to issue an order to allow the alternative financing exclusively for the Peninsula water project. There are estimates the financing option could save ratepayers up to $66 million in the end.
Carmel Mayor Jason Burnett, vice president of the Mayor’s Water Authority, said, ?We applaud Sen. Monning’s leadership in introducing the ratepayer savings legislation.? The new bill first goes to a Senate policy committee for a hearing.
