<I> Few more things to be ironed out on water company buyout</i>

The city's takeover of three local water companies was tentatively scheduled for Aug. 18. But now it looks as though it probably won't happen that soon.

"We're waiting for these last details to be ironed out," said Cottonwood City Manager Brian Mickelsen.

At their last regular meeting, members of the Cottonwood City Council tabled a resolution that would give the city's staff and legal team the authority to move forward with the issuance of the revenue bonds for the purchase indefinitely.

Mickelsen said there were some problems with the council's resolution that needed to be corrected before finalization.

The city's Municipal Property Corporation (MPC) tabled a similar resolution.

The MPC is an arm of the city and would actually issue the bonds. The corporation would hold on to the debt and lease the three water companies back to the city.

The MPC would not be held liable for the debt and all assets would go directly to the city once paid off.

Mickelsen said the revised resolutions will go before the MPC and council in the coming weeks, pushing back the acquisition date as well.

He said the takeover could possibly happen in three weeks.

The city of Cottonwood is still in negotiations with a fourth privately owned water company, Cottonwood Water Works.

"We're continuing to work," Mickelsen said. "We met this week with them."


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