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West Basin Municipal Water District Poised for New Era
Resolution at Hand for Past Challenges
During the past year, West Basin Municipal Water District has received numerous awards,
acclaim and accolades for its water reliability programs. Now, the District is poised
to chalk up two additional organizational victories that will allow it to move forward
at top speed on its primary mission to ensure a safe and reliable water supply for
communities throughout the Westside and South Bay areas.
This week, the District favorably settled multi-party litigation involving two interest
rate bond swaps initiated in previous years by a prior governing Board. Extraordinarily
unique to this settlement is a feature that retires the previous bond swap while providing
100% ‘downside’ protection to the District. Issued by AMBAC, Inc. (American Municipal Bond
Assurance Corporation), one of the largest bond insurance companies in the nation, this
provision provides full and complete financial coverage to the District and its water
customers and purveyors.
Significant progress was also achieved this week in a lengthy disagreement with former
sister agency, Central Basin Municipal Water District, as both agencies approached
final resolution over the dissolution of a joint management agreement, including issues
involving real property and pension liability. In conjunction with the final settlement
offer, the West Basin Board noted its appreciation to the Central Basin Board of Directors,
complimenting their colleagues for their cooperation in arriving at a mutually-acceptable
agreement that avoids costly litigation.
“We are very pleased to have approached final closure on two protracted
disputes this week,” West Basin Board President Donald L. Dear said.
“Bringing these issues to final resolution allows us to move forward with
additional award-winning programs to help Southern Californians achieve a
more reliable water supply.”
West Basin Municipal Water District, a public agency that wholesales water in the South Bay, is seeking bids
for complete recoating of all interior surfaces, spot coating of exterior surfaces, and minor structural modifications to
the tank shell. A pre-bid meeting will be held April 23, 2007. Bids are due April 27, 2007, no later than 2 p.m. To download
this Request for Bids, please visit www.westbasin.org or e-mail phill@westbasin.org.
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