Saturday, April 28, 2012

The Variable Rate Bond that keeps on maturing

So...  I just don't have it in me to go though the history of all of this.  But if you recall the miasmic variable rate bond the Pittsburgh Water and Sewer Authority had out there and thought maybe it was all resolved merely because it has not been in the news of late...  well...

No... it all is hanging out there evermore. See this PR just fired out there late on a Friday afternoon (the time period you use to send PRs to die): Fitch Rates $72.75MM Pittsburgh (PA) Water & Sewer Auth Bonds, Series B-1 of 2008 'A/F1'. They were contracted to do the rating, which suggests to me a new debt offering is out there.

Note...  "seventh supplemental bond indenture".... but who is counting any longer?  Been a long time since the variable rate basis of the PWSA bonds was even noticed. I still want someone to audit those bonds just to come up with a number for how much of the debt went toward anything remotely defined as capital investment.. and how much just went into financial machinations to pay itself off.  If not an audit, there has to be a case study for someone to deconstruct.  For a public finance handbook.

and completely random stream of consciousness....  but don't you think they could use the potassium permanganate to find some of the leaks in the system.  Probably not the best idea I guess, but I bet it would work.  Crowdsource finding the purple throughout the city...    iPurple?