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Learn about California Department of Water Resources Wildfire Fund Revenue Bonds, including The Team.
About California Department of Water Resources Wildfire Fund Financing Program
DWR is a department within the California Natural Resources Agency (the “Resources Agency”) of the Executive Branch of the State. DWR was established in 1956 under California law and, in addition to DWR’s responsibility for the DWR Wildfire Fund Financing Program, is responsible for the planning, construction, operation and maintenance of the State Water Project. The State Water Project is a complex system of dams, water storage facilities, aqueducts, pumping stations and electric generation facilities, which have been constructed by DWR for the purposes of developing a water supply and conveying water to areas in need within the State and providing flood control, recreation, fish and wildlife enhancement, hydroelectric power and other benefits. DWR is the largest purchaser of power for its own use within California because of the power requirements of the State Water Project. In addition to responsibility for the State Water Project, DWR established the Power Supply Program in 2001 (such program is referred to herein as the “Power Supply Program”), when Governor Gray Davis determined that the IOUs could not or did not supply electric power sufficient to prevent widespread and prolonged disruption of electric service in California. DWR was designated by Governor Davis to undertake the Power Supply Program because of DWR’s experience in purchasing and selling power. DWR’s role as a supplier of power under the Power Supply Program has ended and no indebtedness with respect to the Power Supply Program remain payable from revenues to be received by DWR on or after the date hereof, and, accordingly, the Power Supply Program has also ended. The powers and responsibilities of DWR established under the Act are separate from, and not governed by, the provisions relating to the State Water Resources Development System, of which the State Water Project is a part.
The DWR Wildfire Fund Financing Program is not part of the State Water Project, the revenues of the State Water Project are not available for the payment of future or current Wildfire Fund Revenue Bonds, and the Trust Estate pledged for the payment of future or current Wildfire Fund Revenue Bonds is not available for the payment of indebtedness incurred for the State Water Project