South Fulton Municipal Regional Water & Sewer Authority May 8 edged closer to a decision on whether to refinance the current $42 million bond to secure an additional $13 million needed to build a proposed reservoir and lay water lines that will serve Palmetto, Fairburn and Union City.
The interest rate swap proposal was viewed favorably by Union City Mayor Ralph Moore and Palmetto Mayor Clark Boddie but was questioned by Fairburn Mayor Betty Hannah over concerns that 22 percent of the bond money had been spent without any permits being obtained.
Meantime, the cities will begin paying off the bond debt in July to the tune of a combined $183,000 per month.
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