Wednesday, November 21, 2007

Invest in Memphis Sewers!

Posted By on Wed, Nov 21, 2007 at 4:00 AM

You've been depositing your tax dollars into the Memphis sewer system for years now. Here's your chance to to get a little of that money back.

Financial forecasters at Fitch Ratings assign the City of Memphis sanitary sewerage system revenue bonds an "AA" rating. Fitch likes the system's low rate structure, manageable capital needs, and "rapid debt amortization," among other attributes that make no sense to us. We're uncertain, for instance, whether "low liquidity" has to do with the sewer or the bonds.

Anyhow, the Fitch report says that our residential and commercial wastewater bills are the lowest in the country compared to similar municipal sewer systems.

New MLGW president Jerry Collins oversaw the city's wastewater treatment facilities as director of public works during its transformation from environmental hazard to sound investment.

The bonds go on sale December 4th through Morgan Keegan, with proceeds financing capital improvements to the city sewer system.

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