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City Of North Port issued the following announcement on Nov. 11.
City of North Port officials attended the Peace River Manasota Regional Water Supply Authority’s 40th anniversary and “mortgage” burning event.
The event celebrated the Authority paying off the 30 year bond of $32M by having representatives from the Authority, as well as representatives from municipalities served by the PRMRWSA, throwing a copy of the loan documents into a fire.
Originally obtained in General Development’s bankruptcy in 1991, the pipeline and facilities were paid off by utilizing funds from water sales. The City of North Port utilizes water provided by PRMRWSA during the dry season.
Source: City Of North Port
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