The City of Detroit should create a water authority on its own and without the consent of its neighboring counties, an investment banking adviser for retirees suggested in a confidential document obtained by the Free Press.
The document, authored by investment banking firm Lazard on behalf of the U.S. government-appointed Official Committee of Retirees in Detroit’s bankruptcy last fall, said the water deal proposed by emergency manager Kevyn Orr last fall favored suburban county residents over city services.
Orr has publicly proposed to transfer the water department to an independent authority governed by Detroit officials and county leaders. The authority would pay $47 million per year for 40 years to the City of Detroit in a offer designed by investment banker Kenneth Buckfire.
Lazard said the city should force a deal that’s more lucrative for creditors and city residents on to Oakland, Macomb and Wayne counties
http://www.freep.com/article/2014051...Macomb-Detroit
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