Sep 11, 2017 by Chris Wood, Ph.D.
This year marks the 30th Anniversary of the founding of the Peachtree City Water and Sewerage Authority (PCWASA), in addition to the 20th year the utility has been operating the communitys sewer infrastructure. PCWASA officials have drafted a resolution to commemorate this historical event.
The Peachtree City Water and Sewerage Authority was created by Act of the Georgia General Assembly on March 31, 1987. Ten years later, on May 29, 1997, the Authority acquired the facilities and infrastructure of the sewer system at that time from Georgia Utilities.
This purchase by the Authority was made possible by the issuance of revenue bonds. The Authority passed a Series 1997 A bond issue to raise just over $25 million, while another $1.45 million in bonds were sold through a Series 1997 B bond issue.
An additional bond issue in 2002 garnered another $15 million-plus for PCWASA to invest in the necessary renewal and expansion of sewer system, while bond issues in 2005 and 2013 allowed the Authority to refinance all of its outstanding debt. As a result, the current outstanding principal balance is approximately $25 million.
Since its founding, the Authority has effectively managed its system to garner a “AA+” bond rating from Standard & Poor’s, a clean audit opinion for 10 consecutive years, and a Collection System Silver Award from the Georgia Association of Water Professionals for attaining a grade of 94.9 on its annual system review by the water industry.
Chris Wood, Ph.D.