I received the following update yesterday - simply amazing!!!!!

A purchase and sale agreement has been approved by both parties. The purchase is subject to FGUA’s ability to successfully finance the purchase via issuance of bonds to cover the cost of the purchase amount, transaction cost and the cost of capital improvements for each system. FGUA is working with the bonding rating agencies to go over the details of the acquisition, ongoing cost of operation and revenue projections to cover these cost of operation, debt service cost and meet other bond covenants. They need to get rating to support a 30 year revenue bond with true interest cost of 4.3% or less in order to make the deal work and avoid any rate increases.
Things are moving forward, but getting the financing together is the current challenge. The required closing date in the purchase agreement is Feb. 28th with an automatic extension to March 31st, which will likely occur. Hopefully this is helpful; if you need additional information, feel free to give me a call.
Bruce Kennedy, P.E.
Assistant County Administrator
Utility Services (Pasco County)

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