Pueblo Board of Water Works to mull financing alternatives for Bessemer Ditch shares

A picture named bessermerditch.jpg

From The Pueblo Chieftain (Chris Woodka):

The resolutions Tuesday will set the terms under which the bonds will be sold and authorize the issuance of the bonds. The resolution on terms also sets forth how other debt, present or future, would fit into the structure of the bonds. Bonds would be issued Oct. 22. The bonds would be sold during October, paralleling the time frame for the board to finalize its contracts with 67 shareholders for 5,339 shares on the Bessemer Ditch Ñ a little more than one-quarter of the total. “We did two of the contracts on the Bessemer Ditch, as pilots, to make sure everything was worked out,” said Alan Hamel, executive director. “We wanted to make sure our process was going to work, and there weren’t any problems.” The water board wants to complete all of the contracts by Oct. 30. Closing on the contracts will be coordinated to the flow of money used to buy the shares.

More PBOWW coverage here.

Leave a Reply