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Board approves $2025 water and sewer refunding; Bank of America low bidder at 2.631% with $21.6M projected savings
Summary
Fulton County approved a time‑sensitive resolution to refund the 2013 water and sewer revenue bonds after receiving eight bids; Bank of America was the low bidder at 2.631% and staff estimated net present value savings of about $21.6 million.
Fulton County commissioners approved a resolution on Nov. 19 to issue refunding bonds for the county’s 2013 water and sewer revenue bonds after a time‑sensitive finance presentation.
Interim Finance Director Ray Turner told the board that eight firms submitted bids and that Bank of America was the low bidder with a 2.631% interest rate. "Initially we expected net present value savings to approximate $17,000,000. With that rate bid this morning, those savings will now be 21,600,000.0," Turner said.
Commissioners voted to approve the refunding resolution immediately, noting the pricing window was time‑sensitive; the clerk recorded the vote as 6 jays, 0 nays in the meeting record.
What it means: Staff recommended approval to lock in a low interest rate and increase projected debt‑service savings; the board approved the action so staff can proceed with the financing steps and close on the refunding under the reported terms.
Vote and collateral details: Low bidder Bank of America at 2.631% (presented by interim finance director Ray Turner); projected net present value savings reported as about $21.6 million compared with earlier estimates.
No further public action was recorded at the meeting; the finance team will complete documentation as required by state and county rules.
