SAN FRANCISCO — California’s East Bay Municipal Utility District plans to issue more than $1 billion of debt over the first half of this year, as it continues to deal with the fallout from the financial crisis and seeks to take advantage of low interest rates and subsidies that the ­federal government has used to respond to the crisis.

The water and sewer utility — which serves 640,000 residents of Oakland and its suburbs — plans to begin the busy issuance schedule with $200 million of fixed-rate, tax-exempt water revenue bonds next week. The bonds will refund $100 million of unhedged 2008B variable-rate demand notes and $100 million of extendible commercial paper.

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