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 … [Read more...]