Friday, May 18, 2001
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Friday, May 18, 2001 |
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Water Authority OK's bond issue The Coweta County Water and Sewerage Authority gave its approval to a preliminary bond resolution for the county's water system at a May 8 meeting. Authority members Woodie Wood Jr. and Lindsey Barron were in attendance at the authority's first formal meeting. Member Greg Tarbutton was unable to attend. The bond issue is designed to accomplish two goals: to refinance existing bonds totaling approximately $13-million; to fund approximately $30 million in water system improvements needed to connect to the Atlanta and Griffin water systems and build treatment facilities at the county's own B.T. Brown reservoir to provide additional treated water supplies for county residents. The bond sale is expected to take place May 21 and 22. Bonds will be sold in $5,000 minimum denominations with Coweta residents getting first chance at buying the bonds. The bonds will be 20-year bonds with interest not to exceed 6 percent. Anyone interested should contact Jamie Wilson with Merchant Capital at 404-504-2760. The bond sale will raise the water system's debt payments to around $3.2 million per year. The bonds are scheduled to be completely amortized by 2026. Water system revenues are expected to pay all of the debt service. In other business, the Water and Sewerage Authority elected Woodie Wood Jr. as chairman, Lindsey Barron as vice chairman, Coweta County Clerk Roxie Clark as secretary, and Coweta County finance director Rick Smoot as rreasurer.
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