LOS ANGELES -- The Santa Margarita (Calif.) Water District tapped a debt service reserve fund to make a $3.46 million payment due July 1 to holders of $62 million of the district's general obligation bonds, market sources said yesterday.

Proceeds of the GO bonds, issued in 1990, were used to finance infrastructure for improvement district 7a, one of eight improvement districts in the sprawling Santa Margarita district that has about $400 million of GO bonds outstanding now trading in the secondary market.

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