McDONOUGH — The Henry County Board of Commission voted to reaffirm the 2-mill tax levy that backs Henry County Water and Sewer Authority bonds during its Jan. 6 meeting.
Doing so has allowed county officials to refinance the bonds, lowering interest rates from 5% to 1%, a move expected to yield a savings of $2.5 to $2.8 million to county tax payers. The bond expiration date is February 2026.
The motion came before the BOC last month and failed after board members said they didn’t have enough information. In December, Commissioner Vivian Thomas wanted more information about the authority’s capital improvement plan and what would be done with the money saved. Similarly, Commissioner Dee Clemmons also wanted to know what would be done with the bond savings.
During the Jan. 6 meeting, Henry County Water Authority Attorney Andy Welch said the authority’s board has adopted a resolution committing half of the savings to debt reduction and the other half to special projects in each district.
Thomas thanked the water authority for the updated information.
“We want to make sure when savings are realized they’re reinvested back into the community,” she said.