Lee Co. leaders approve refinancing bonds for Utilities Authorit - WALB.com, South Georgia News, Weather, Sports

Lee Co. leaders approve refinancing bonds for Utilities Authority


Lee County leaders make a decision that will save taxpayers about $700,000.

Thursday night, County Commissioners approved refinancing bonds for the Utilities Authority dropping the interest rate from 4 percent to about 2.6-percent without extending the time of the loan.

Chairman Rick Muggridge said that combined with a growing customer base could lead to lower utility rates.

"Everybody in Lee County understands that we do have higher rates because we have a newer system and so we have to pay for that infrastructure, but if we can add additional customers, and reduce interest rates than those are certainly things we can look at in the future,” said Rick Muggridge, County Chairman.

Muggridge said the county's good credit rating allowed them to get a lower rate.

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