Regarding the refinancing the county is bragging about to save a million dollars, and that they're going to vote on tonight at 5:30 PM, a memory ping reminded me that Hahira got a GEFA loan for $431,777 a water well this August, at zero percent interest during construction, and then 1% during the 20 year repayment period. Is the county's bond deal better than that?
GEFA is the Georgia Environmental Finance Authority, and it's not just Hahira that has gotten water project loans through GEFA. According to GEFA PR of 13 May 2011, GEFA Approves Environmental Infrastructure Projects Totaling $60.7 Million for Seven Georgia Communities, just this year others included "Cobb, Cook and Newton Counties; Cusseta-Chattahoochee County; and the cities of College Park, Ludowici and Valdosta."
The city of Valdosta was approved for a CWSRF loan of $18,500,000 to finance phase two of the Mud Creek Water Pollution Control Plant project, which includes increasing capacity from 3.2 million gallons per day (GPD) to 5.7 million GPD, and additional improvements and modifications to the facility. Valdosta will also design a new solids treatment system. The city of Valdosta will pay 3 percent interest on the 20-year loan for $18,500,000.
So why is the County of Lowndes having to float bonds? And are bonds on the commercial bond market really a better financial deal for the county?
For that matter, where's the public notice with agenda of the 4PM meeting today of the Lowndes County Public Facilities Authority?