The Prichard water board has fired a salvo at a bank that is accusing the utility of defaulting on a $55.8 million bond issue. At the same time, the water system is drawing closer to a long-term contract with a private company that would invest money and take over day-to-day control of the utility.
At the same time, the water system is drawing closer to a long-term contract with a private company that would invest money and take over day-to-day control of the utility.
In exchange, the company would run the system for 30 to 40 years with a guaranteed annual return – at a rate yet to be negotiated. Ross said the investment group is meeting with the utility’s management on Wednesday and Thursday. Any deal would have to be approved by the water board, as well as the city councils of both Prichard and Chickasaw.
“Synovus has not been particularly interested in reaching a settlement with the Prichard water board,” he said. The court filing argues that the complaint should be limited only to whether the system has complied with the agreement with Synovus. That complaint makes allegations that the water board’s failures could be endangering public safety and that it has mismanaged the system. It also referencesAll that, the utility argues, has no bearing on the contract and “are only included to be scandalous and to reflect badly” on the board.
To former Prichard City Councilwoman Severia Campbell Morris, the issue brings back memories of Severn Trent, a private company hired by the water board in 2009 to run the system. Critics said it was a maneuver to prevent a takeover of the system by the Mobile Water and Sewer System that voters had approved.
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