Public Hearing: YES ☐ NO ☒ Department: Finance
SUBJECT:
Title
Commission District(s): All Districts
Adoption of the Attached Resolution Approving 6% Rate Increases on January 1 for the Years 2025, 2026 and 2027 and a 2024 Bond Issuance, Not to Exceed $225 Million in Total Par Amount, for the Purpose of Rehabilitating of the Scott Candler Water Treatment Facility and Other Crucial Projects, for the Department of Watershed Management (DWM) CIP.
The Bond Issue Will Be Sold Through a Competitive Bid Process Managed by PFM, the County’s Financial
Advisor.
Body
Information Contact: Dianne McNabb, Chief Financial Officer, & Robert Atkins, Treasurer
Phone Number: 404-304-4736 & 678-910-5638
PURPOSE:
To adopt the attached Resolution approving 6% rate increases on January 1 for the years 2025, 2026 and 2027
and a 2024 bond issuance, not to exceed $225 million in total par amount, which will prioritize the
rehabilitation of the Scott Candler Water Treatment Facility and other crucial projects, for the Department of
Watershed Management (DWM) Capital Improvement Plan (CIP).
NEED/IMPACT:
The authorization of the rate increases and 2024 bond issue will enable the County to fund (paygo) and
finance the cost of the acquisition, construction and equipping of certain improvements to the County’s water
and sewerage system, the priorities being 1) the rehabilitation of the Scott Candler Water Treatment Facility
and 2) other crucial projects, including continuing to fulfill consent decree obligations.
FISCAL IMPACT:
The rate increase is estimated to increase revenues by $17.6mm, $18.7mm, and $19.8mm in 2025, 2026, and
2027, respectively. The 2023 average residential bill of $70.00 will increase to $74.20 in 2025, $78.65 in 2026 and $83.37 in 2027, respectively.
The true interest cost for the Series 2024 Bonds, based on current market conditions, is estimated to be
approximately 4.25%, with the total interest to be paid of approximately $196.0 million. The costs of issuance
and underwriter’s discount are estimated to total approximately $1.7 million.
RECOMMENDATION:
Recommended Action
Authorize the Chief Executive Officer and the Chief Financial Officer to execute all necessary documents in connection with this matter.