$55 million Bond

According to the reported news by NBC15 News, The Prichard Water board owes Synovus Bank an amount of more than $800,000 in back monthly payments on its 2019 $55 million bond issue based on the complaint filed by Synovus Bank.

From the released news of FOX10 News, a board member John Johnson Jr., was quite agitated regarding the existing loan of Prichard Water Works and Sewer System that took almost 4 years since 2019. Prichard Water only made a partial payment.

READ ALSO: 6 Finance Tips for Engaged Couples

Where did the money go?

Johnson had his statement to FOX10 News that Prichard Water borrowed $ 55 million to fund a variety of big-ticket projects. He added that the utility told them that there were four projects to fund. The utility will dig a deep well to develop an independent source of water. As a result, only two of the four projects were completed.

Johnson added that from the last bank statement he saw in May, there is a reflected balance of $23 million. The monthly payable is now around $142,000 and could increase up to $250,00. Prichard Waters’ former operations manager and two other people who worked for the utility were indicted on charges that they have misused utility credit cards. Prosecutors have said that there were illegal purchases that have been made in the number of millions of dollars.

READ ALSO: Global Spray Adhesives Market Analysis, Key Players, Outlook, Report, Forecast 2023-2028