traditional delivery vs P3; Tender launched for P3 (30-year financing and services agreement, private equity at risk, secure revenues, public ownership) Public role: the city retains ownership of all water rights, infrastructure and all improvements, retains control of water supply and pricing, retains an intense role in performance decision-making, The first 4 years: verified and confirmed every year by Fitch as an investment grade, the structure of the Rialto P3 has been described as the bone of a project financing with a heart equipped. The debt is secured by a right of pledge on the revenues of public services, without the infrastructure or the general fund being reached.