Revenue Commission Approves Water Company Loan, Council To Vote Thursday

The city owns the Water Company and regularly receives dividends from the company’s profits. The loan will collect 2% interest, and the Water Company will retain a portion of the dividend for the next eight years as repayment.

The money will be used to pay a $14 million settlement with a group of underpaid firefighters.

Firefighter Settlement Payments Unlikely To Reignite City/County Feud

Last year, the council issued $35 million in bonds to finance a similar settlement. Since the firefighters were underpaid by the old city before merger, many suburban residents didn’t think their tax dollars should go to the settlement. But the city owns the Water Company, and Metro Councilman Kevin Kramer the new settlement will not likely be very controversial.