"For something so big and important that affects more than four million people, this calls for the state to step in," he said. "This is more than we can do as a county."
The department has about $1.2 billion earmarked for repairs to the system's aging infrastructure. Though the city has stopped paying certain debts, it has kept current on more than $5 billion in water and sewer bonds that Orr has determined are secure.
Several private equity firms have also shown interest in purchasing the department from Detroit if they could raise water rates, Kenneth Buckfire, an investment banker hired by the city to advise its restructuring, said Thursday during court testimony as part of the eligibility trial to determine whether Detroit can restructure its debts in bankruptcy court.
- Link this
- Share this
- Digg this
- Email
- Reprints
0 comments:
Post a Comment