DALLAS -The North Harris County Regional Water Authority will complete the first phase of a system to deliver surface water to scores of water utilities in a 337-square mile area north of Houston with today's negotiated sale of $241.2 million of revenue bonds.

The sale will be the RWA's third debt issuance since it was created in 1999 by the Texas Legislature as part of a multi-county effort to reduce ground subsidence in southeast Texas. The authority issued $124.7 million of revenue bonds in 2003 and $93.9 million of bonds in 2005. Subsidence is the sinking of land levels resulting from excessive extraction of groundwater.

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