Water authority considers minor financing changes

By SARAH FAY CAMPBELL
sarah@newnan.com
The Coweta County Water and Sewerage Authority discussed some minor changes to the authority’s debt management policy at Wednesday’s monthly meeting.
The changes were recommended by the authority’s bond counsel, said authority attorney Melissa Griffis.
“In working on our Series 2012 bond it has come to the attention of our bond counsel that there are some amendments that need to be made to this debt policy,” Griffis said.
The board voted earlier this year to issue new bonds to “debease” or pay off existing bonds.
The authority hasn’t moved forward with actually selling the bonds yet because the market hasn’t been quite right.
Griffis said the board could vote on the changes to the debt management policy at a “called meeting we’re going to have.”
“We will need to have a called meeting before the end of the month,” she said.

The proposed changes “do not change the main makeup of the document,” Griffis said. But there were some references to various statutes that didn’t have the correct statute number “and things of that nature,” Griffis said, and the bond counsel also “cleaned it up a bit” in regards to reporting and the division of duties.

“There was language in there that put a duty on the general manager that actually the financial or municipal adviser should be doing instead,” Griffis said.

In other meeting business:

The authority renewed its local watershed planning and management memorandum of understanding with Coweta County.

It was decided that the January authority meeting will be held Jan. 9 instead of Jan. 2.

The authority approved changes to the stormwater drainage easement for property on Ga. Hwy. 154 that was originally proposed for a Walmart store. That was several years ago and the Walmart was never built at the location in front of the Coweta Industrial Park property.

The property owners need to relocate the stormwater drainage easement, Griffis said. The easement was contained in the development agreement the property owners signed with the county.

The owners “needed to move this to help the Waffle House and the convenience store” adjoining the property, Griffis said.



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