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.
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