Friday, May 8, 2009

Bond Deal Robs City of $46M in Infrastructure*

That is, so far, according to today's news. (P-G)

Someone remind me why we're not trying to exit this deal as quickly as possible? Politics?

*-UPDATE: The next-to-last paragraph in the P-G article is an understatement. The Water Authority board just said, "You don't need us anymore, and you certainly don't need the public processes and discussions entailed in board governance anymore". Pursuant to PWSA Resolution #55, Don Walko of pay-to-play fame has just been made Emperor of Water.


  1. Hmm, how do you count the $19 million that the PWSA took from the original profit (or whatever it's proper name is) from this particular debt (or swaption) deal? That's $65 million out of the $100 million that the debt refinancing yielded. And what happens in June (not to be pessimistic)?

  2. This reminds me to fix the drippy tub spigot. Probably a gallon or five a day.