Allete, Florida Municipalities Discussing Sale of Utilities

Sigo, Shelly
April 2003
Bond Buyer;4/28/2003, Vol. 344 Issue 31623, p40
Trade Publication
Allete Inc. announced that it is considering individual sales of the water and sewer systems in 26 Florida counties owned by its subsidiary, Florida Water Services Corp., after meeting with four local governments that are prepared to sell tax-exempt bonds to buy the utilities in their jurisdictions. Representatives from Hernando County and the cities of Marco Island, Palm Coast, and Deltona met with Florida Water on April 06 to discuss buying the utilities and the four governments plan.Allete said that it would consider new options for selling Florida Water Services Corp. after spending eight months and nearly$ 10 million trying to sell the company to the Florida Water Services Authority in March 2003. Allete said that it earned$ 9.8 million from the sale of a utility system on Amelia Island involving condemnation proceedings and had begun discussions with the four local governments for the purchase of approximately two-thirds of Florida Water's asset base.


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