SAN FRANCISCO — The San Diego County Water Authority board of directors last week approved the sale of up to $686 million of Build America Bonds and tax-exempt debt in early January.

The bulk of the revenue bonds will be new-money BABs with long maturities, but the authority — California's third-largest urban water agency — also plans to sell tax-exempt bonds for the early years of the term structure and possibly to refund about $51 million of callable debt.

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