Pico Rivera Water Development Corp. has completed the sale of $6 million in bonds. The leasehold mortgage bonds were sold at a rate of 8%.
Proceeds of the bond sale will be used to dig a new well that will improve water pressure in the northern end of the city and to replace old and undersized pipelines throughout the city, City Manager Dennis Courtemarche said.
The improvements will take about three years to complete, he said.
Pico Rivera Water Development Corp. was formed in 1974 when several municipal water systems in the community were consolidated. Pico Water District, which is run by the county, is the city's other water purveyor.