Paul K. Ogden explains the water company sale to the gas company in his blog today.
"Folks, we are selling the water and sewer utilities to ourselves, a paper transaction used to generate up front cash for a tax increasing, corporate welfare loving administration that is recklessly spending our tax dollars."
Even this Indianapolis Observer understands that. What is inexplicable is why we're going along with this obvious sham: "the pretend sale of the utilities that is nothing more than a last ditch effort by an unpopular Mayor to save himself by handing out election year, pork barrel projects."
UPDATE (15 May):
There's much, much more explanation (historic, legal, political) on Gary R. Welsh's Advance Indiana blog here.