For more than a year, Gov. Jerry Brown's administration has been describing his plan to build two massive water tunnels through the Delta as a $25 billion project.That would rank it as one of the largest public works plans in California history.
But when factoring in long-term financing costs, the price tag actually ranges from $51 billion to $67 billion, according to new figures that emerged last month.
While there's nothing unusual about long-term debt to finance big projects, the new numbers suggest for the first time that the interest payments for the controversial water tunnels could be even more expensive than many traditional projects financed by bonds.
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