March 7, 2003 -- A Florida court on Friday said it would stand behind a previous injunction barring Allete Inc. from selling Florida Water, a potential $500 million sale.
The cities of Gulf Breeze and Milton, working together as the Florida Water Services Authority, have been waiting to sell tax-exempt bonds to make the purchase, but the circuit court judge ruled to continue delaying the sale until the Public Service Commission holds a hearing or an appeal is secured, according to a report from Reuters News Service.
The sale has been in the works for about six months. The Florida Public Service Commission will hold a hearing on or before July 2003 to make sure the sale wouldn't lead to impairment of the utility's services.
The ruling to delay the sale said that the utility regulator had the right to delay a sale to determine if it would harm services to the customers.
