In 2003, the city completed a local-currency bond transaction that was the first in the Mexico water sector that did not use federal transfers as collateral and instead relied mostly on fees to cover the financing costs. Thanks to this bond funding, the city funded a new water treatment plant and related water leakage reduction investments. The independent trust, which issued the bonds, is supported mostly by tariff revenue, with a municipal guarantee and private-sector guarantees provided by the International Finance Corporation and Dexia.