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San Diego -- Poseidon Resources today announced the California Debt Limitation Allocation Committee (“CDLAC”) has voted unanimously (3-0) to allocate $530 million in Private Activity Bonds (“PABs”) to the Carlsbad Desalination Project. CDLAC administers and allocates the state’s annual allocation of federal tax-exempt PABs for the financing of certain private development projects that benefit the public. The allocation of PABs to the Carlsbad Desalination Project should lower the project’s debt service costs, which in turn will allow Poseidon’s public water agency customers to purchase water at a lower rate.
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North County Times: By Ted Owen
As 2009 ended, the latest attempt to derail the Carlsbad Desalination Plant was rejected by the Coastal Commission. The celebration was short-lived, as two fringe environmental groups, undaunted by yet another defeat, kept up their assault on the project by filing yet another request that the Commission revoke the permit granted to Poseidon Resources in 2007. San Diego, CA - Poseidon Resources today announced it has been notified by the Surfrider Foundation that the organization has abandoned its legal challenge to the State Lands Commission’s approval of the Carlsbad Desalination Project (Project). In August, the San Diego Superior Court issued a final ruling upholding the State Lands Commission’s 2008 approval of the Project. The Surfrider Foundation and Coastkeeper jointly filed an appeal of the Court’s ruling this past December.
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