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Folder: S.F. Colleges-City College. Newscopy: "AS RESERVOIRS THEY DON'T HOLD WATER--Partially completed Balboa reservoirs are dry because city ran out of liquid assets. Water Department officials have cleared up the mystery of the Balboa Reservoirs. These huge storage basins across Phelan Avenue from City College have been sitting partially completed for more than three years. One of them is used as a parking lot by City College students. Curious area residents and others have wondered why they weren't finished. Christopher Medbery, principal engineer, today gave a one-word answer: 'Money.' Work on the two reservoirs began in 1957 and by 1960 $589,000 of department revenue money had been spent to grade the sites and lay down a base coat of asphalt. Then the money ran out."