In a recent report entitled “Liquid Assets,” Citizens Housing and Planning Council Senior Fellow Harold Shultz explains the problem with this system. According to Shultz, before 2005, the rental payment was equal to the debt generated by pre-1984 water structures. As that debt diminished, the number was changed to an amount equal to 15 percent of the interest and principal paid by the Water Board on all MWFA outstanding bonds. Shultz explains that this payment is increasing as the amount of bonds increases, and is no longer related to the cost of the leased infrastructure.