Synovus Bank, the Trustee for the $58 million bond issue which Prichard Water defaulted on kicking off the appointment of a receiver, filed notice that it objec
ts toIt is opposition, Synovus notes that they have not received the required monthly debt service payment of $208,448.95 since a partial payment of $150,000 was made in January 2024.
The objection notes that Synovus has been patient in allowing the receiver time to develop a path forward for the troubled system, but that as the Plan is currently written “does not contain sufficient information or deadlines regarding when debt service payments may begin again, when the long-term solution for payment of the bonds will be determined, or how operating expenses and capital expenditures will be funded”.
“I can appreciate Mr. young's work, but there's a lot of work to do. and it's not just coming here seven months and saying okay, let's just hand it over to someone else and let them deal with it. that is not the answer. and again, as the mayor of this city, i will continue to fight to ensure that it doesn't happen other ways to the city and its assets, Mayor Jimmie Gardner told NBC 15 News.
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