Cash-Hungry Cities Seek Buyers for Sewer Systems to Pay Pensions – Bloomberg

Granite City, Illinois, a rust-belt town of 30,000 people on the Mississippi River, is facing a $130.8 million pension shortfall and has put part of its sewer system up for sale to raise funds. I Alton, Illinois earlier this year sold its wastewater system to Illinois American and used the entire $53.8 million to chip away at its $134 million in pension liabilities. Godfrey, Illinois also sold a system this year that desperately needed upgrades to Illinois America. Mayor Mike McCormick says he’s stashing the money in a rainy day fund.