011621_HDH_WaterBonds.jpg

The Henry County Water Authority is moving forward with a bond refinance plan that is expected to save tax payers between $2.5 to $2.8 million.

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.

Recommended for you

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.

(1) comment

RBinMcD

The article mentions this will save the county tax payers as if the Water Authority is part of Henry County government. That savings will be within the water authority, a separate entity, thus saving their customers money. City of McDonough residents are part of the city's water system which is also separate. The county government has no control over the water authority per se, but their bonds are tied to the county

Welcome to the discussion.

Please log in, or sign up for a new, free account to read or post comments.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Support Local Journalism

Now, more than ever, the world needs trustworthy reporting—but good journalism isn’t free. Please support us by subscribing or making a contribution today.