Saturday Sept 11, 2010
Bexar Met the county water company, falsified its earnings according to the external audit report.
My reading of this article is that the write got the debt service ratio reversed but the point is that Bexar Met is now in violation of its requirements to cover debt service. This is a topic we study in Intermed II as well as audit classes. Numerous Texas MUDs Municipal Utility Districts have been in trouble, but this is a size one. Needless to say official scurried to NYC to assure the bond rating authorities they could cover the debt service.
Read the article to see that
the director has just been replaced
the new director was on vacation when the audit report came before the board, huh?
the board voted 3-2 to accept the report, one board member voted to do so and then left before the vote
the two no votes said they did not have time to read the report
Folks, this is not way to run a railroad, or a water district, all should have been present and fully informed as to the results of the report by the time the vote was held
does this give you confidence the Board is overseeing Bexar Met
On Vacation, whta?
Professor Elam 
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