It doesn't work as well for the public, because the asset is sold once and cannot be monetized further. Moreover, the 'private' then gets to charge more than the 'public' would.
Maybe it would take forever to raise $86 Million in rates and this sale perhaps brought them more short term cash. But that short term cash may stop a widening liability gap that wouldn't be possible. It's just, they will never be able to collect on wastewater, that served more communities than GC (at least that used to be the case).
But to the City leadership's credit, you're looking at a highly uncertain future for your largest taxpayer (Steel Mill), and a liability gap that's not going away.
They (The City of GC) are doing SOMETHING about it and at least taking action to keep their finances stable.
So all in all, it's kind of a 'bite the bullet' scenario, and a fiscally responsible move.
When you ban books before you ban guns, you've admitted that you're more afraid of children learning than you are of children dying.
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