GRU Authority appointments resolve Gainesville Residents United lawsuit
Press release from Gainesville Residents United Inc.
GAINESVILLE, Fla. – Gainesville Residents United, Inc. is pleased that Governor Ron DeSantis has apparently met the requirements of the very flawed HB 1645 and our court-sanctioned stay agreement with his office. The previous illegitimately-appointed board appointees resigned, the Governor’s Office appears to have now followed public notice requirements, and the new appointees initially appear to meet the law’s residency requirements.
The price of freedom is vigilance. Gainesville Residents United, Inc. will continue to oppose HB 1645. This law is an open attack on local political autonomy and home rule. We support our Gainesville City Commission and local residents in promoting home rule and democracy by the people and for the people.
Home rule bankrupted GRU. Are the Fired Democrats SOS or something? Lawless thieves that reportedly owe GRU Customers $68 million dollars.
GRU was not and is not bankrupt. It has an A credit rating and was A+ before the state take over which cast uncertainty into it’s future.
Not sure where you get your data from, Jazzman (listening to hutch?). Since pegreen pushed Mike out, the agency has been downgraded multiple times. “Each agency has downgraded GRU since 2010
5 downgrades over past decade
Lower credit ratings equals increased cost
– Higher cost when issuing debt
– Less refunding / restructuring savings
– Greater counterparty risk
– Collateral posting requirements (use of cash)
– Higher cost for credit facilities (bank loans & fees).”
The agencies are Fitch, Moody’s & S&P. The first downgrade occurred shortly after pegeens and the city commission’s nutty moves with regard to the general manager (who was HIGHLY respected in the arena) and other nutty moves (like the biomess plant).
JD, thanks for the info. However, my statement stands and I assume you agree that GRU is not bankrupt, presently has an A credit rating, and the state takeover resulted in a downgrade of it’s rating.
Jazzman, do you have the date of GRU’s most recent credit downgrade? Do you have a link for that info?
I could Google it and so could you. It’s a fact.
I asked because I can’t find any evidence of this so-called “fact.” I found a downgrade in 2021. Fitch affirmed the credit rating in 2022 and, notably, in July 2023.
https://www.gru.com/Portals/0/2023%20Updates/SandP%20Jul-05-2023.pdf
The 2021 two-notch downgrade was the 5th since 2010, and S&P tied it to City Commission decisions: “The downgrade reflects GRU’s very high rates and leverage, the product of investment in renewable resources that have proven to be uncompetitive.”
https://alachuachronicle.com/city-commission-refuses-to-discuss-sps-downgrade-of-grus-credit-rating/
What, no response? Where are the links you said you could Google?
So why exactly does it matter if GRU is in debt? In January 2022, a state audit found that GRU was carrying nearly $2 billion in debt. Back in 2009, when the commissioners first moved toward building a biomass plant, the utility’s debt was a little over $900 million.
I assume you are here correcting your previous statement and thanks for that.
Overselling the situation was the excuse for a takeover by the state to be overseen by an authority who’s only qualifications were having a pulse and living in proscribed geographical locations. Having donated to the GOP was an unstated qualification. Given that, the task proved too difficult for our governor – he of Yale and Harvard – and he f…..d it up.
If the state was serious about correcting a serious problem, it could have set up guidance and review by actual experts without taking ownership away from the entity which built it a hundred years ago – the city of Gainesville. Our overlord in Newberry and the state senator the citizens of Ocala, Marion, and Levy County – lubricated by $100k in dirty money from Florida Power and Light – had a larger goal in mind, that is ripping off Gainesville, the place they couldn’t get elected to dog catcher in. No wonder they carved the city out of their districts.
I can tell by their emblem they are flaming liberals with no common sense. Democrats ruin everything they touch.
Stick to the facts and cut the partisan nonsense DH, unless you want to start defending the liar fat man’s cult. Most of us wouldn’t let that creep in our house to sell us a Bible.
“Gainesville Residents United, Inc.” They do NOT represent me. I am AGAINST EVERYTHING they represent.
Thanks, I totally agree with you They do not represent me.
So, you wanted an illegal authority. interesting.
It’s interesting that their initials are GRU as well. Talk about blurred lines.
They use “united” to give new residents and those who don’t know any better the false idea they represent Gainesville. Those of us who’ve been here for a while know they only represent and care for themselves.
Then win an election for a change.
Did, and then didn’t.
Still waiting to hear what you did with those employees who didn’t abide by your rules though.
of course not. follow the list of names on their lawsuit as to who’s behind them and a part of them. 😉 Susan Bottcher & Robert Hutchinson to name a few. https://alachuachronicle.com/gainesville-residents-united-files-federal-lawsuit-against-florida-officials-for-hb-1645/
This bunch of sore losers could have left well enough alone. Instead they opened the door to allow their worst nightmare a seat on the board. ROFLMAO.
Fred! Hellooooo! The previous authority was illegal and anything they did would have eventually been thrown out by the courts.
What the heck is wrong with you guys?
Love it when people take credit for something that was going to happen anyway.
I don’t trust your self-serving politics, or any political authority, POLITICS has and continues to destroy our country,
Usual suspects denouncing the organization which forced the court to recognize the obvious fact that the 1st authority had no pants on. You all didn’t care.
The comments on this blog are so divisive. A lot of keyboard warriors hiding behind fake names. Part of what is wrong with politics in this country.
Eh, seems no worse than any other internet forum. You just gotta sift out what interests you. Ive learned a lot on here.The other 2 local news organizations allow zero comments from anyone.
Seems to me what is MOST important is whether or not their assertions can be supported. Jazzman, for instance, made the assertion that GRU’s rating had gone down since the Authority had taken over. The facts, however. are that GRU’s bond rating has been going down for a LONG time. First starting when pegeen (he probably agrees with her) forced on the the best municipal utility manager out of office. THAT’S when the bond rating began going down and it has been reduced multiple times since then.
Expect more legal challenges regarding the other parameters of eligibility such as expertise, customer classification, and, most importantly. the fact that two county residents are required when 40% of GRU electric meters are outside City limits.