A Mobile County judge found the Prichard Water Works and Sewer Board defaulted on its $55 million bond and is appointing a receiver to run the troubled utility.
According to Synovus Bank, the utility failed to pay half of what it owed in an 11-month span, resulting in missed payments of $1.4 million plus administrative and attorney's fees it was supposed to pay. Judge Michael Youngpeter ordered a receiver selected by Synovus Bank to manage the utility, stripping away the water board's power.
The decision impact the public-private partnership agreement announced in August that the utility is still negotiating. Under the proposal, Inframark, a water operations company, would partner with investment firm KKR, and according to a PWW&SB attorney, invest $100 million in capital improvements over ten years and wipe out the debt to Synovus Bank. But the deal locks the utility into the agreement for 30-40 years and many residents are wary of it. Former U.S.
"Any deals are still on the table, but you're going to be looking at it from a different view. And that is from someone with a lot more of experience and competence of dealing with these things than this board," said Jones. Current Director Mac Underwood says he's not sure what the decision means for his employment at the utility long term but did say the judge asked him to stay and help receiver. Underwood says he believes the 22% rate increase the board recently approved will still take effect November 1st.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Biden touts core inflation falling to two-year low: 'Bidenomics in action'Christian Datoc is a White House reporter for the Washington Examiner. He previously covered the White House, Congress, and campaigns for the Daily Caller. Datoc, who hails from Atlanta, Georgia, graduated from Furman University in Greenville, South Carolina, in 2013, where he majored in political science and played varsity baseball.
Baca lebih lajut »
White House defends Biden pushing 'Bidenomics' amid hostage crisisThe White House on Thursday defended President Biden's continued focus on promoting his economic agenda following the Hamas terror attack on Israel, which has left at least 27 Americans dead and an unknown number held hostage.
Baca lebih lajut »
Biden on BidenomicsThursday, October 12, 2023, The Mobile County Sheriff’s Office arrested Alexis Elena Alexander for Trafficking Fentanyl, Possession of narcotic paraphernalia, a
Baca lebih lajut »
Tensions rise between Denver, Adams County over Venezuelan migrants housed in hotel on county lineRussell Haythorn is a Denver7 Reporter.
Baca lebih lajut »
Santa Barbara County hires another former SLO County managerBy JOSH FRIEDMAN Months after Santa Barbara County hired ex-San Luis Obispo County Chief Administrative Officer Wade Horton, Santa Barbara County has
Baca lebih lajut »
North County nonprofit thankful for county funding to support migrant servicesRyan is stoked to be in San Diego! He’s coming to the area from Sacramento. So, he only had to shuffle his area codes around a little bit, trading the 916 for the 619.
Baca lebih lajut »