Utility Board and Riveria Utilities

Attached is an article that Jack Plumlee has written for the next edition of the FOCUS. He has given his permission for Diane to publish it in The Committee Report.  It is important to emphasize that the Diamondhead POA is not involved with this transaction. It is between Riviera Utilities, Inc. and The Lake Catherine Waterworks and Sewer Public Facilities Board of Garland County.  Jim Hannon

Focus Article


Jack Plumlee

Riviera:

As has previously been reported, The Lake Catherine Waterworks and Sewer Facilities Board of Garland County, was formed for the purpose of exploring, evaluating, and considering the purchase the assets of Riviera Utilities. After several months of Due Diligence, review of operating numbers and operating projections, the Board has made an offer for the purchase of the assets of Riviera Utilities, and the shareholders of Riviera Utilities have accepted the offer. The price that has been agreed to will require a bond issue in the amount of $1,900,000.

However, this offer and acceptance does not make the transaction a done deal.

The offer is conditioned on several things, most important is financing. As a Public Facilities Board, the Board is empowered to borrow money by the issuance of tax free bonds. So the next major step is to locate a purchaser or purchasers for the bonds. Once this is accomplished, we will be able to move forward to the completion of the transaction.

Assuming the transaction is completed, most likely you the customer will not notice many changes. We intend to continue operations with the same staff, same office location, same phone numbers, but with a slightly different name.