California is borrowing up to a half-billion dollars to pay for repairs to the badly damaged spillways at the nation's tallest dam.
The state treasurer's office said Monday that California water officials obtained a $500 million letter of credit last week for the Oroville Dam repairs.
Heavy water this winter tore giant craters out of both spillways at the half-century-old dam, forcing the evacuation of 188,000 people. The state Department of Water Resources is rushing to repair the main spillway before the next rainy season.
Trump announced $274 million in funding for Oroville Dam repairs last month. State officials have not provided a repair cost estimate so far but said Monday they have asked the federal government to pay 75 percent.
Repairs are expected to take two years.
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