The city of Birmingham wants to buy the state’s largest water utility – for a dollar.
The deal is more complicated than it sounds. The city council approved a resolution today offering to buy the state’s largest water utility – with assets worth more than $1 billion – for a dollar, along with assuming its debt.
The 11th-hour strategy is part of the plan to salvage the water works by keeping it in the city’s hands before a state law brings major changes to the utility by stripping Birmingham of its dominance on the operating board…