SMITH CAPITAL, LLC
TAMPA, FLORIDA

The California water utility universe is diverse both in size and scope, ranging from state agencies which provide statewide infrastructure to facilitate delivery and storage, to both regional and local entities which deliver it to intermediate or final customers. Many of these credits also operate electric utilities and issue bonds backed by both or either revenue stream. In addition, wastewater treatment facilities are sometimes funded by bonds backed solely by sewer fee revenue. Utility credits, in