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<br />37 <br />Outstanding Long-Term Obligations <br /> <br />LAVWMA currently has no outstanding debt except the 2011 Bonds, which will be <br />defeased and redeemed with proceeds of the 2021 Bonds, as described under the heading <br />“REFUNDING PLAN.” <br /> <br />Capital Improvement Program <br /> <br />LAVWMA’s capital improvement program consists solely of ongoing renewal and <br />replacement of existing facilities. LAVWMA has no plans to incur additional debt to finance capital <br />improvements. <br />