* The Los Angeles Department of Water and Power is planning to sell $550 million in bonds in November to upgrade its power system, including new power poles, circuits and transmission lines. Should the credit crunch continue, the utility would consider postponing the work.
About 20% of the agency's existing debt is set at a fixed rate.
"Over time, that's been very good for us because the rates have been so low," said DWP General Manager H. David Nahai.
For The Record
Los Angeles Times Friday, October 10, 2008 Home Edition Main News Part A Page 2 National Desk 2 inches; 100 words Type of Material: Correction
L.A. County aid: An article in Wednesday's California section about Los Angeles County's struggle to provide services as revenue dwindles said county Chief Executive Officer William T Fujioka and other officials plan to travel to Washington in January to negotiate a new Medicaid waiver. Fujioka and other officials plan to begin negotiations on a new waiver with state and federal officials in January but not by traveling to Washington. Also, the story said about 20% of the Los Angeles Department of Water and Power's existing debt is set at a fixed rate. About 20% is set at a variable rate.
But the variable rate recently quadrupled from 2% to 8%, causing a $2.7-million hit, Nahai said.
* The Los Angeles Unified School District's chief financial officer, Megan Reilly, said the district's bond rating has been harmed somewhat by the state government's worsening fiscal health. The district had planned to sell $950 million in bonds at the end of November for school construction, maintenance and repairs, but that may be postponed at least until after the December holidays.
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Increase in Los Angeles County residents on Medi-Cal in last year
Increase in food stamp recipients
Increase in people on general relief
Source: Los Angeles County Department of Public Social Services