The rebellion among Holley Navarre Water System board members against proposed debt restructuring by the collective that supplies their water focuses on concerns that the motive behind the deal is actually to enrich the City of Gulf Breeze.
“It’s a money grab,” said Brian Kelly, an HNWS director and finance committee chairman in an email he recently sent to this newspaper.
Gulf Breeze city officials are leading the push to refinance, promising that the new debt structure will offer lower interest rates and reduce annual loan payments while freeing up cash to build Fairpoint’s reserves.
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