COLDWATER, MI (WTVB) – The Coldwater Board of Public Utilities Board of Directors approved the purchase of the 13 Megawatt Natural Gas Plant on Fillmore Road which is otherwise known as Project Four during an electronic meeting on Thursday night.
B.P.U. Director Jeff Budd says this is a paper transaction that will clean up any questions on ownership and costs associated with the project.
He adds this will effectively take the asset and debt off the Michigan South Central Power Agency’s balance sheet and incorporate it onto the B.P.U.’s balance sheet.
The agreed upon price is for the actual debt currently owed to PNC Bank. Budd said the purchase agreement had to be signed before bonds are sold.
Budd says the M.S.C.P.A. Board was in favor of cleaning up its balance sheet and any perceived liability to any its members. The M.S.C.P.A. Board was scheduled to meet on Friday to approve the agreement.
