California borrows up to $500 million to fix damage at dam

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.

© 2017 Associated Press


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment