The price of water: about $628 million. (West Coast Regional Water Supply Authority)

Paying for the reorganization of the West Coast Regional Water Supply Authority

A plan to provide the Bay Area with a solution to its long-term water needs could require more than a half-billion dollars in municipal bond financing over just the next few years.

The West Coast Regional Water Supply Authority estimates it needs about $628 million to move forward with plans to create a new governing agency charged with controlling the future distribution of water throughout Hillsborough, Pasco and Pinellas counties.

Besides refinancing its own debt, the water authority would use the proceeds from the sale of the bonds to pay for the acquisition of well fields and facilities now owned by its member governments. Additional bond proceeds also would be needed to build a pumping system that eventually would connect all three member counties and the cities of New Port Richey, St. Petersburg and Tampa.

The first …