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Article: Deal in Focus To Finance New Plant, Tampa Bay Water Gets Innovative.
- Article from:
- The Bond Buyer
- Article date:
- November 15, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The regional water authority for Tampa Bay, Fla., plans to tap the bond market before the end of the month to fund construction of the country's largest desalination plant in one of the first project-financed, potable water deals of its kind in the United States, according to industry sources.
An estimated $105.4 million in private-activity bonds subject to the alternative minimum tax will be issued by Tampa Bay Water on behalf of the plant's developer, Poseidon Resources Corp., which is based in Stamford, Conn. Poseidon has selected Covanta Water of Fairfield, N.J., formerly the Ogden Energy Group, to build and operate the plant.
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