It took them into the wee hours of Wednesday morning and several decades, but lawmakers have finally agreed on a bill to help fix the State water problem. Governor Schwarzenegger plans to sign it, calling it an historic achievement.

The proverbial leaky pipe that is the State's current water system may be getting a much needed and expensive repair.

The $11 billion bond was passed in the Senate Wednesday morning. It includes five separate bills and aims to balance the growing demand for water, while preserving the environment.

The bill includes $3 billion to build two dams in northern California, and $2 billion in ecosystem restoration in the Delta. It also includes more groundwater monitoring and the creation of a seven-member Delta oversight council to develop a long range management plan, including a canal.

Some are praising the bill, but others say it does not do enough to protect the Northstate's water rights. Assemblyman Dan Logue said, “A lot of that money goes towards peripheral canal approval. That's a major problem, because once the peripheral canal is built, the south can get as much water from the north as they'll ever want to get, and that's the thing we need to protect.”

There is also a conservation component that will require urban areas to reduce water use by 20% by 2020.

The bill is not a done deal. The bond would still have to be approved by voters a year from now.