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WATER & SEWER UTILITIES <br />BACKGROUND <br />Large capital Significant <br />Provide Heavily <br />intensive fixed costs <br />services to regulated by <br />programs <br />the 11Federal & <br />th <br />largest CA State <br />Purchased <br />More than <br />cityagencies <br />water costs <br />$86M <br />planned <br />Operate <br />capital <br />USEPA, <br />Increasing <br />complex water <br />projects <br />State WRB, <br />MWD & <br />and sewer <br />over next 5 <br />CA DPH <br />OCWD costs <br />systems <br />years <br />5 <br /> <br />