The South Florida Water Management District has authorized the raising of funds to finance its capital projects, including the proposed $1.8 billion land buyout of U.S. Sugar Corp. announced in June. The water district will issue certificates to investors, but says that these will require court validation, which may push off financing until 2009. The offering comes after news that falling property tax revenues and frozen credit markets have complicated the purchase of the 187,000-acre property.
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