CHICAGO — Indianapolis Mayor Greg Ballard yesterday announced that, pending approval by the city and Indiana, the city would sell its water and sewer systems to a nonprofit group for $425 million and the assumption of $1.5 billion in outstanding debt.

Ballard said he had signed a memorandum of understanding to transfer ownership and management of the water and sewer systems to Citizens Energy Group, the nonprofit trust that currently runs the city’s gas utility.

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