The projects still need to be completed. The regulatory mandates, court orders, and groundwater sustainability obligations don’t go away. Without bond funding, United Water would face a difficult choice: delay critical work and risk enforcement action, court sanctions, and serious consequences across all three projects. For the Santa Felicia Dam, that could mean operational restrictions or decommissioning, eliminating water storage that farms and communities across the region depend on, and permanently closing Lake Piru. For the Freeman Diversion, it means continued legal exposure and the potential loss of future water supply gains the improvements would deliver. For the Extraction Barrier project, delay means continued seawater intrusion that becomes increasingly difficult and expensive to reverse. The alternative to the bond is not the status quo. It is a far greater and more immediate burden on customers and property owners through rate increases, or the permanent loss of critical water supply capacity.