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Bill may give Cassatt Water new financial status
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Legislation introduced in the S.C. House of Representatives could change the way Cassatt Water Company handles its finances. If passed, the company would be converted from a private, non-profit entity to a public utility, allowing the company to cut costs and more efficiently initiate $16 million worth of capital improvements. According to Manager Charles Litchfield, the new designation would allow the company to issue its own water revenue bonds instead of relying on loans from Farmers Home Administration, a branch of the U.S. Department of Agriculture established to help rural communities.