SAN FRANCISCO — The San Francisco Public Utilities Commission in the next month plans to sell California’s two biggest competitive bond issues so far this year, as it ramps up construction on a $4.6 billion water system improvement program.

The municipal utility plans to sell $375 million of long-term tax-exempt revenue bonds on Aug. 11 and an equal amount about three weeks later. The water system improvement program began with a $507 million sale in 2006, and the SFPUC plans to sell $4 billion of water bonds between now and 2013.

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