Twenty years and $50 million into the process, officials with desalination plant purveyor Poseidon are optimistic they will get their final two permits — possibly by year’s end. Here are the key steps ahead for the plant in Huntington Beach: Term sheet. This non-binding working agreement lays the groundwork for an eventual contract for Poseidon to sell its water to the Orange County Water District. The district is currently updating its 2015 term sheet and may have a draft to present to the OCWD board in June. Federal financing. A Water Infrastructure Finance and Innovation Act loan would reduce the cost of loans.