The Meriwether County Water and Sewerage Authority issued $15,345,000 of its water and sewerage revenue bonds on July 9, 2009. Gray & Pannell LLP acted as bond counsel to the Authority. The revenue bonds were issued to help finance a new water and sewerage system for the Authority. Because of growth in the north end of Meriwether County near I-85 and the Kia Automotive Plant, the County has taken a proactive approach to accomodate this growth and expand and improve water and sewerage service for all of the County. Gray & Pannell LLP began working with Meriwether County and the Authority in mid-2008 to structure and deliver the issue and was proud to be hired as bond counsel to the Authority for its first ever bond issue.

On June 30, 2009, Gray & Pannell LLP acted as bond counsel to Bibb County on the closing of a $11,500,000 refunding and improvement revenue bond through the Macon-Bibb County Industrial Authority. The financing was unique in that the Authority issued variable rate bonds backed by the self liquidity of Bibb County instead of a financial institution’s letter of credit.
On June 30, 2009, Gray & Pannell LLP also acted as bond counsel to the Macon Water Authority on the closing of $17,995,000 of refunding revenue bonds. As with the County financing the debt was issued as variable rate bonds but backed by the self-liquidity of the Water Authority.
This type of self-liquidity structure is more common with large issuers such as private universities and infrastructure banks, but uncommon for a governmental entity such as the County or Water Authority. If you would like more information about details of this financing option, please contact Jim Pannell or Jon Pannell.