ARE WALLING AND HIS WALL STREET BUDDIES DRIVING FLINT INTO BANKRUPTCY WITH JP MORGAN-BACKED KAREGNONDI PROJECT?

FACT:

SEC CHARGED CHASE BANK W ITH FRAUD AND BRIBERY IN JEFFERSON COUNTY FOR SIM ILAR CAPITAL INFRASTRUCTURE PROJECT

JPMorgan overcharged the county on the swaps to cover the cost of more than $8 million in secret payments made to friends of county commissioners who worked for local companies... Jefferson Countys Journey From Sewer-Bond Scandal to
Settlement: Timeline, Bloomberg News (http://www.bloomberg.com/news/2011-09-16/jefferson-county-alabama-s-path-from-scanda
l-to-debt-settlement-timeline.html)

FACT

Independent audit called new Genesee pipeline plan major risk and said cost projections

were at least $100 million short! Yet Dillon approved the plan! W hat are the risks? Tucker, Young, Jackson & Tull Inc., a prestigious engineering consulting firm hired by the state Treasurers office, exposed KW As flaws. Its report, The City of Flint W ater Supply Assessment, which was released in February, examined the feasibility of the KW A pipeline and found it is anything but. The GCDC put the projects estimated cost at $274 million. Tucker, Young, Jackson & Tull pegged the cost at more than $375 million revealing that Wright low-balled the project by a whopping 24-percent. And that doesnt include other unforeseen contingencies. The engineering company further states that, Cost overruns and delays in completion will both negatively impact Flints final costs. And there are other unknown risks including the potential of explosive gases in tunneling below Lake Huron, changing site conditions associated with the large number of miles of pipe installation... the startup and debugging of the entire pumping system. W right also claims Flint could reduce by $4 million what it pays DW SD annually for water service byjoining the KW A pipeline. But once these additional costs and risks are factored in, it is reasonable to predict that the rates paid byFlints water and sewerage customers will be substantially higher than those levied by DW SD, even with the day-in-day specification changes the drain commissioner makes. M LIVE, M arch. 2013, http://www.mlive.com/news/flint/index.ssf/2013/03/detroit_claims_karegnondi_wate.html

FACT:

Miller Canfield prepared bonds for Flint while representing Detroit Water and Sewerage, which opposed the pipeline, at least in public!
EM RESOLUTION, 9/11/2013 http://www.cityofflint.com/FinancialMgr/2013/EM/9_20_13/EM1082013.PDF
KAREGNONDI BOARD MEMBER HIRED KILPATRICK CRONY SAM RIDDLE TO NAVIGATE DETROIT CITY COUNCIL FOR PIPELINE PROJECT. ALSO ASKED RETIREMENT BOARD TO INVEST IN PIPELINE (RETIREMENT FUND TRANSFERRED TO MERS W HILE REVIEW W AS PENDING) SOURCE:(http://www.mlive.com/news/flint/index.ssf/2010/05/sam_riddle_paid_by

FACT:

_genesee_cou.html); FERS Minutes from JULY 2012: https://www.cityofflint.com/RiskMgt/minutes/2012/RBMinutes012412.pdf