...SAN FRANCISCO (Standard & Poor's) July 14, 2015--Standard & Poor's Ratings Services said today that, despite the recent curtailment of pre-1914 water rights by the California State Water Resources Control Board (SWRCB), no rating action is anticipated on Mountain House Public Finance Authority, Calif.'s utility system revenue bonds, issued on behalf of Mountain House Community Services District (MHCSD). MHCSD's sole source of water supply is provided by Byron-Bethany Irrigation District (BBID), whose sole source of supply is river diversions made pursuant to a pre-1914 water right. On June 12, 2015, the SWRCB released a notice to BBID and other pre-1914 water right holders declaring insufficient water availability, and directed BBID to cease water diversions or face fines of up to $1,000 per day and $2,500 per acre-foot of water unlawfully diverted. Thus, curtailment of these water rights could have had a material effect on MHCSD's ability to provide water to its customers. In response...
