Manufacturing Industry
Indianapolis To Buy NiSource Water Assets For $522.5 Million.
Underground Construction, September, 2001
The City of Indianapolis and NiSource Inc. announced at a July 18 press conference that they have signed a letter of intent for the city to buy the assets of the Indianapolis Water Company and other assets of NiSource's IWC Resources (IWCR) Corporation and its subsidiaries for $522.5 million. The city will also assume $132.4 million in IWCR debt, while NiSource will retain $80 million of long-term Indianapolis Water Company debt.
"We are pleased to come to this bipartisan resolution which the city believes will maintain low, reasonable rates and local control and ownership over this most precious resource," Mayor Bart Peterson said. "Without using taxpayer dollars, we are confident that public ownership of the Indianapolis Water Company will benefit...
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