Atlanta City Council issues cost-saving bonds

The Atlanta City Council approved the issuance of certain Series 2017A Water and Wastewater Revenue Refunding Bonds during a recent special called council meeting resulting in a savings of nearly $49 million over the life of the bonds.

On April 25 the Department of Watershed priced and took orders to sell $226.2 million in bonds to refund outstanding debt without extending the maturity. The bond offering was well received by investors due to the city’s superior credit rating. Investors placed orders totaling $634.7 million, or 2.8 times the available offering.

Proceeds will go toward the refinancing the outstanding debt

The proceeds will be used to refund a portion of the city’s outstanding Water and Wastewater Bonds Series B, and pay certain costs of issuance with respect to the Series 2017A Bonds financing.