Meriwether County Water and Sewerage Authority

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.

Bibb County Self Liquidity issues

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.

Liberty County Justice Center

On June 17, 2009, Gray & Pannell LLP closed a $20,785,000 financing for Liberty County through the Liberty County Public Facilities Authority. The bond issue will be used by Liberty County to finance a new justice center adjacent to the courthouse in Hinesville.
Gray & Pannell LLP began working with Liberty County in 2007 on the project and in conjunction with the project assisted the County in the renewal of their SPLOST in 2008. A portion of the proceeds from the SPLOST renewal will be used to repay the bonds issued through the Authority on behalf of the County.

Eastman Water and Sewerage Bonds

On May 7, 2009, the City of Eastman, Georgia issued a $7,395,000 water and sewerage revenue bond through USDA - Rural Development. Gray & Pannell LLP acted as bond counsel to the City. The revenue bond was issued to construct additions and improvements to the water and sewerage system of Eastman.
Gray & Pannell LLP works regularly as bond counsel to smaller communities throughout the State of Georgia issuing debt through the USDA Rural Development program. USDA Rural Development makes loans and grants to help finance utilities and communitity facilities to areas of less than 25,000 people. For more information regarding this program, please contact our offices or visit www.rurdev.usda.gov.

Decatur County Bonds

On March 19, 2009, Decatur County issued its $8,455,000 Decatur County General Obligation Sales Tax Bonds, Series 2009. Gray & Pannell LLP acted as bond counsel on the transaction. The attorneys of Gray & Pannell LLP began working with the Board of Commissioners in the early summer of 2008 on the renewal of their SPLOST and a bond program for the County. The bonds were authorized in conjunction with the renewal of the Decatur County SPLOST by the voters of the County on September 16, 2008.