News 12 at 6 o'clock, September 26, 2007
Augusta, GA---In a unanimous decision commissioners passed a vote Wednesday they say will save taxpayers millions.
"A very exciting day. A lot of real business took place," says Mayor pro tem Betty Beard. Commissioners called a special session Wednesday.
They approved refinancing a portion of Augusta's water and sewage bonds at a lower interest rate.
Mayor Deke Copenhaver calls it "one more step forward for the city."
Mayor pro tem Betty Beard also calls it a step in the right direction. She says, "Yes over the years we've had a bit of bad press so I'm hoping this is the beginning of the fact that our city will know how well we're doing."
So what does this mean to you at home? Look at it this way. You paid a little extra money over the past several years to support a system that was barely supporting water.
Now things are flowing well again...so much so that they are overflowing...a savings to you of over 500,000 dollars. Augusta utilities director, Max Hicks says, "It means that we won't have to raise rates in order to generate another half million dollars. We just saved it in our bond interest money."
Here's the breakdown. It's a savings of 12.8 million dollars over the next 22 years. That amounts to $580, 201 per year. Mr. Hicks says, "The commission and the utilities department together have protected the rate payers interests and it's paid off this time.
It'll be a good day for them and for us." Betty Beard says, "We're on solid ground at this point."