That optimism comes as Fitch assigned its AA unenhanced rating to the county's water and sewage authority, which is planning to sell more than $45 million in refunding revenue bonds, Series 2001 on May 21.
The sale is a negotiated one with Merchant Capital. The bonds are secured by revenues derived by the authority from an intergovernmental contract with the country. The county is pledging both water and sewer system net revenues and its full faith, credit and taxing power.
The population in unincorporated Coweta County, which the water system serves, has grown 6.2% annually in the past two years, leading to a 600% increase in system water demand, according to county officials.
Retail activity and service businesses have also increased with the population growth, but the county's small sewer system has primarily served industrial, commercial and residential customers through septic tanks.
With the bond issue, the county is expected to refund $13.7 million of prior debt and issue $30 million of new money, primarily for building the first wastewater plant.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
