"No to selling and no to …"
"Selling would be short-term gain for long-term pain. … Londoners get a 1.5 per cent reduction on their … taxes because of the $6.2 million the utility pays to the city in interest and dividends. If we sold, we'd lose that ongoing source of revenue."At the risk of repeating myself, the utility pays $2 million annually in dividends — a very modest return on recently valued at $246 million. The rest is interest paid to the City on a loan, an obligation that will either continue to be paid or be discharged to the City in any event of a sale. On the other hand, a $2 million annual dividend would be far exceeded by the annual $35-40 million savings on municipal debt-servicing obligations — $59.8 million in 2008 — if proceeds of a sale were applied to the City's $350 million debt.