Post by Logan on Jun 12, 2016 0:20:47 GMT -6
FLINT — As Flint Mayor Karen Weaver resists growing pressure to quickly recommit her city to a $285-million pipeline project that she didn't negotiate and isn't convinced is the best way for residents to get safe, affordable drinking water in the wake of the lead-poisoning crisis, a top county official is warning the city will "lose everything" if it pulls out of the project and defaults on promised debt payments.
The Karegnondi Water Authority, which would be stuck with Flint’s share of the debt, would seize the city’s water treatment plant and other assets, plus 25% of the city’s constitutional revenue-sharing payments from the state, Genesee County Board of Commissioners Chairman Jamie Curtis told the Free Press.
Flint’s debt is “heavily, heavily secured,” and “they would lose everything they have,” Curtis said.
According to a 2013 KWA financing contract signed by former Flint Mayor Dayne Walling, not only can the KWA seize Flint water assets and revenue-sharing money in the event of a default, but it can “direct the local unit to make a tax levy to reimburse the authority.”
Read more: www.freep.com/story/news/local/michigan/flint-water-crisis/2016/06/11/official-flint-lose-everything-if-leaves-kwa/85662110/
The Karegnondi Water Authority, which would be stuck with Flint’s share of the debt, would seize the city’s water treatment plant and other assets, plus 25% of the city’s constitutional revenue-sharing payments from the state, Genesee County Board of Commissioners Chairman Jamie Curtis told the Free Press.
Flint’s debt is “heavily, heavily secured,” and “they would lose everything they have,” Curtis said.
According to a 2013 KWA financing contract signed by former Flint Mayor Dayne Walling, not only can the KWA seize Flint water assets and revenue-sharing money in the event of a default, but it can “direct the local unit to make a tax levy to reimburse the authority.”
Read more: www.freep.com/story/news/local/michigan/flint-water-crisis/2016/06/11/official-flint-lose-everything-if-leaves-kwa/85662110/