Your daily fintech and banking briefing.
Today: Nov 24, 2024

No bonds for California’s delta tunnel: judge declares state’s finance unfit.

1 min read

A California judge has ruled that the state cannot issue bonds to finance the controversial Delta Conveyance Project, which involves the construction of a massive water tunnel under the Sacramento-San Joaquin River Delta. The judge found that the California Department of Water Resources’ definition of the “delta program” is not connected to the Feather River Project, which is necessary for the issuance of bonds. The ruling is a major blow to the project, which aims to divert water from the Sacramento River for the use of 5.2 million people. Environmental groups praised the decision, but expect the department to appeal.