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• Timing of bond sale will save more than $550k
By Linda Green
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The Aug. 31 signing of a joint bond resolution and purchase agreement saved the city and county an additional $550,000 in refinancing the debt of its water-sewer system and make way for leveling the water-sewer rates.
The Thomson City Council, the City of Dearing and the McDuffie County Board of Commissioners approved a bond resolution and signed an agreement with Raymond James/Morgan Keegan Firm to refinance the more than $11 million water-sewer debt incurred by the three governing bodies.
The groups took advantage of bonds, which are at an all time low, and the savings are the result of timing the bond sale.
“We have had extremely successful pricing to enable us to get where we are,” said Gabe Agan of the Raymond James/Morgan Keegan Firm. “A good bond rating helped get us a good low interest rating on the pricing,” he said.
He told the groups that the sale saved an additional $500,000 due to the low price his firm obtained.
To read more on this story, see the Wed., Sept. 5, edition of The McDuffie Progress.
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