Project

Water Furnishing Revenue Bonds Series 2023 (Limited Public Offering)

The Poseidon Resources (Channelside) LP project closed on March 9, 2023. CPCFA issued $170,033,738 in tax-exempt bonds.

Poseidon used the bond proceeds for the acquisition, construction, improvement, renovation, rehabilitation, and/or installation of the intake improvements necessary to comply with the Ocean Plan Amendment and installed 1 mm screens with an approach velocity of 0.5 foot per second in the Agua Hedionda Lagoon to provide raw seawater for the Desalination Plant (the “Permanent Intake System Modifications). The Permanent Intake System Modifications also included connecting and rerouting the pipeline with the new screens and demolition and removal of Cabrillo Power I LLC assets that were being used during interim operations of the desalination plant such as tunnels and travelling screens. Bond proceeds were also used for a portion of the Otay River Estuary Restoration Project involving the creation, restoration, and enhancement of 125.5 acres, in the aggregate, of coastal wetlands to benefit native fish, wildlife, and plants species and to provide habitat for migratory seabirds, shorebirds, and salt marsh dependent species within the South San Diego Bay Unit of the San Diego Bay National Wildlife Refuge and other facilities functionally related to the intake, outflow, production, and treatment of water by the 50 million gallon per day reverse-osmosis seawater desalination plant, and facilities and equipment functionally related to the Desalination Plant.