I've been combing my memory, trying to come up with a stunt that equals what Jacksonville, Fla., is trying to pull with JEA, the water and electric utility that is the largest community-owned utility in Florida. I can't.

In essence, the city with the third-most underfunded pension of our country's big cities wants to enact a solution that will allow it to preserve its credit rating, a move that could, in effect, take the utility's rating and – forgive the expression – flush it down the toilet.

In a story that broke last week, municipal leaders of the largest city in Florida, population-wise, specifically Jacksonville Mayor Alvin Brown, are proposing that JEA boost its annual contribution to help pay down the city's pension obligations. JEA officials say giving more money to the city would likely lead to a rate hike; the mayor contends it would not. He said that the utility could cut costs to come up with the payment and avoid a downgrade.