Secret DWSD Swaps Deal exposed by Bob Daddow

Op-Ed by Sue Ann Douglas

The Detroit Water and Sewer Department also had ‘swap’ deals one for sewer and one for water. When they defaulted on them, in 2012, decided to terminate the deals and pay the fines.

The Water and Sewer Funds were charged $225.6 million (water) and $321.6 million (sewer).  A total $547.2 was rolled into DWDS operations and long term debt was issued with a payback over 20 years.

The value to rate payers – higher bills and zero benefit.

This information is from the DWSD 2012 Certified Annual Financial Reports (CAFR – outside audit).

Their 2013 CAFR was supposed to be completed and released by December 31, 2013 (Detroit’s fiscal year ends in June) but it hasn’t appeared yet. However, the counties are just supposed to blindly sign on the dotted line and “lease” the facilities for $2 billion over 40 years and fix the mess in the name of regionalism?

WHAT ELSE ARE THEY HIDING?

Read more: Detroit responsible for secret swap deals.

 

About Sarah Hovis

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