Aqua America Sells Water System to Geneva, Ohio

Aqua America Inc.'s Ohio subsidiary recently completed the sale of the Geneva water system assets to the city of Geneva, Ohio, for $4.9 million.

The city and Aqua Ohio Inc. have been in litigation regarding procedural issues and the cost of the water system since 1999. This sale resolves the city's appropriation actions and establishes a new partnership between the Aqua Ohio and the city.

The sale agreement provides for a smooth transition, including a two-year operating contract totaling $270,000 under which Aqua Ohio will continue to operate and maintain the system, while also performing and receiving extra compensation for routine and emergency operations and maintenance.

Source: AA