Ellijay-Gilmer County Water and Sewerage Authority board members approved master and supplemental resolutions needed to proceed in refinancing revenue bonds in the amount of $6.85 million during a brief teleconference meeting last Wednesday.
“We are redeeming the old 2015 bonds. In refinancing them with the 2020 issue, we will saved approximately $689,850 in interest. The savings will help fund future projects,” explained Bonnie Dalrymple, water authority controller.
Interest savings will be accrued over the next 10 years.
During the teleconference, board members approved an agreement to retain the services of Stifel, Nicolaus and Company Inc., of Atlanta, as bond placement agent for the amount of $38,500.
A public hearing on the authority’s petition to validate the series 2020 bond will take place at 9:30 a.m. Thursday, June 25, in the Gilmer County Superior Court.
Dalrymple said a public hearing is legally required to complete the process.
“We have to notify everyone about what we’re doing in case there’s anybody who doesn’t want us to do this. We have to put a notice of the hearing (out) for the public to attend if they choose to,” she added.