A random lattice model with dilute interlayer bonds of density $p$ is proposed to describe the underdoped high--$T_c$ cuprates. We show analytically via an appropriate perturbation expansion and verify independently by numerical scaling of the conductance that for any finite $p$ the states remain extended in all directions, despite the presence of interlayer disorder. However, the obtained electronic transport is highly anisotropic with violent conductance fluctuations occuring in the layering direction, which can be responsible for the experimentally observed metallic in-plane and semiconducting out-of-plane resistivity of the cuprates.
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