Dalton Building Authority - Recovery Zone Economic Development Bonds

On April 29, 2010, the Dalton Building Authority issued $5,600,000 of Recovery Zone Economic Development Bonds (RZEDBs) on behalf of the City of Dalton, Georgia for the construction of a new community center and renovations to recreation facilities in the City.  Gray & Pannell acted as bond counsel to the Authority on the issue.  The RZEDB allocation was made to Whitfield County as a part of the American Recovery and Reinvestment Act of 2009 passed by Congress in February of 2009.  With the assistance of Gray & Pannell, Whitfield County transferred a portion of its RZEDB allocation to the Authority and the City to finance the City’s projects at a much lower interest rate than traditional tax-exempt bonds.

Brunswick-Glynn County Joint Water and Sewer Commission

One March 25, 2010, Gray & Pannell acted as bond counsel to the Brunswick-Glynn County Joint Water and Sewer Commission in the issuance of $13,000,000 of refunding revenue bonds.  The bonds were issued for the purpose of constructing water and sewer improvements in Glynn County in the vicinity of Exit 29 and Interstate 95.  The bonds were issued as short term obligations to refund existing debt and in anticipation of the acquisition of the water and sewer systems of Glynn County and the City of Brunswick by the Commission.  It is anticipated that the upon the acquisition of the water and sewer systems of the County and City by the Commission in June of 2010, the $13,000,000 revenue bonds will be redeemed along with all other obligations of the County and City relating to their respective water and sewer systems.  Gray & Pannell has been working with the County, City, and Commission since early 2008 on the acquisition of the water and sewer systems by the Joint Water and Sewer Commission.

Columbus BABs and RZEDBs

On January 28, 2010, Gray & Pannell gave the approving opinion as bond counsel on the issuance of $96,590,000 of bonds for the City of Columbus, Georgia.  The bonds were issued in three series through the Columbus Building Authority and were issued in the form of traditional tax-exempt bonds, Build America Bonds (BABs), and as Recovery Zone Economic Development Bonds (RZEDBs).  The over $95 million in proceeds will be used by Columbus for various capital improvement projects including road improvements, stormwater infrastructure, a city service center and parking deck, a natatorium swimming facility, a recycling center, and an ice rink.

Bulloch County Schools

On December 2, 2009, Bulloch County School District issued $23,525,000 of general obligation sales tax bonds.  Gray & Pannell served as bond counsel on the issue.  The bonds were authorized by the voters in Bulloch County upon the renewal of the special local optional sales and use tax for educational purposes (”ESPLOST”).  Proceeds will be used by the School District for new facilites and improvements to existing facilities of the school system.  Gray & Pannell has worked with Bulloch County Schools on the issuance of seven (7) seperate bond issues since 1995 for capital improvements for its school facilities.

City of West Point Water and Sewer Bond

On November 10, 2009, Gray & Pannell LLP acted as bond counsel to the City of West Point, Georgia on the issuance of $9,463,000 of water and sewer bonds.  The issue was delivered and purchased by Rural Development, United States Department of Agriculture (USDA).  Proceeds of the bonds will be used to make water and sewer system upgrades throughout the City in anticipation of future growth from the Kia Automotive facility recently constructed in the County.