The Macon Water Authority

790 Second Street • Macon, GA 31202-0108 • (478) 464-5600

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Bond Issues to Fund Rehab of Plants

Nov 26, 2018 by Chris Wood, Ph.D.

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(Right to Left): Ray Shell, MWA Executive VP, introduces MWA Chairman Sam Hart to Tom Kelley (second from left), with Jacobs Engineering, and Haskell's Michael Hoisington (far left), who are overseeing the Rocky Creek-Lower Poplar Rehab Project.

The MWA has secured the final funding necessary to complete its project to renew and rehabilitate the Rocky Creek and Lower Poplar Water Reclamation Facilities. The Authority is investing $40 million toward the replacement of many of the assets at both facilities, which have exceeded their life cycle.

The $40 million in rehabilitation will be funded by tax exempt 20-year fixed and variable rate bonds that were issued on Dec. 5, 2018.

The MWA uses both Moody’s and Standard & Poor’s Rating Agencies to rate its bonds. Moody’s rated the new fixed rate issue at ‘Aa1’ – which is the second to highest possible rating opinion given by this agency. Standard & Poor’s rated the new fixed rate issue, as well as the variable rate issue, at ‘AA’ – the third highest possible rating opinion this agency provides.

Moody’s and Standard & Poor’s commented that their high opinions were due to the MWA maintaining healthy debt service coverages, that liquidity levels are supported by annual rate increases, and because of conservative budgeting practices and manageable debt and capital needs.

Other comments by the ratings agencies included that MWA rates remain affordable, based on area income levels and Bibb County’s poverty rate. The ratings agencies also noted that MWA operational management policies and practices are generally considered to be good to strong, while financial management policies and practices are considered strong.

The rehabilitation of the Rocky Creek and Lower Poplar Plants is one of the largest capital improvement projects in the history of the MWA. The project reflects the utility’s philosophy of continually reinvesting in the renewal of its assets to ensure the continual delivery of reliable, quality water and service services for current and future generations.

Media Contact:
Chris Wood, Ph.D.
P: 770-757-1681
E: chris@jwapr.com

Tagged: mwa, macon water authority, mwa capital improvements, mwa rocky creeklower poplar wastewater cip project, mwa bond issues, mwa series 2018a bond issue, mwa series 2018b bond issues, moodys, standard poors

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