Prichard Water default amount approaches $1 million

PRICHARD, Ala. (WPMI) — According to paperwork filed by Synovus Bank, The Prichard Water board now owes more than $800,000 in back monthly payments on its 2019 $55 million bond issue.

The filing, posted on June 1st , outlines that the Board still owns $31,885 for February 2023, as well as the full monthly payments of $258,193 per month for March, April, and May 2023.

READ THE NOTICE OF DEFAULT

Other filings indicate that the Board has also failed to by the fees to Synovus Bank for administering the Bond, likely pushing the outstanding balance related to the bond issue over the $1 million mark.

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