Savy financial management save tax dollars

Lawrenceville, Ga. (March 21, 2006) – Commissioners today approved the sale of water and sewer bonds that will result in $4.8 million in debt service savings that will be realized over the life of the bonds.

   The Gwinnett County Water & Sewerage Authority priced the $121.375 million Series 2006 Refunding Revenue Bonds on March 9. The 2006 Bonds were sold to refinance bonds that were issued in 2002 and used to finance infrastructure improvements to the County’s water and sewer system. 

   Prior to issuing the 2006 Bonds, all three major bond rating agencies, Standard & Poor’s, Moody’s and Fitch Ratings, assigned the highest possible credit ratings of AAA/Aaa/AAA, respectively. Moreover, all three agencies reaffirmed the Triple-A bond ratings for the County’s outstanding General Obligation and Water & Sewer Revenue debt. The County’s excellent credit reflects solid financial management, and it results in significant interest savings for taxpayers.