01 Oct, 2010 Camden County Public Service Authority – Refunding Bonds
On September 30, 2010, Gray & Pannell gave the approving opinion as bond counsel on the issuance of $41,455,000 of water and sewer refunding revenue bonds issued by the Camden County Public Service Authority for the benefit of the City of St. Marys, Georgia. Payment of the bonds is secured by an intergovernmental contract between the Authority and the City. The bonds were issued to refund outstanding variable rate demand revenue bonds issued in 2007 to fund expansions and improvements to the water and sewer system of the City, prepay outstanding Georgia Environmental Facilities Authority loans and to pay a swap termination fee relating to the Series 2007 bonds. The refunding resulted in debt service savings to the City over the life of the bonds.