California borrows up to $500 million to fix damage at dam

It's going to cost a lot of money to repair the emergency spillways at the nation's tallest dam and California's borrowing money to pay for it. 

The state treasurer's office said on Monday that California water officials obtained a nearly half-billion dollar line of credit in order to pay for the badly needed repairs at the Oroville dam. 

After years of drought, a series of storms this winter tore open giant craters out of both spillways at the 50-year-old dam, which forced the evacuation of 188,000 people. 

The state Department of Water Resources wants to repair the main spillway before next year's rainy season before more damage can be done. 

President Trump announced more than $274 million in funding to help repair the Oroville Dam last month. State officials have yet to provide an estimate on how much the repairs will cost, but said on Monday that they've asked the federal government to pay at least 75% of the costs. 

Repairs could take up to two years. 

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