Upson County Bond Sale Will Fund New Justice Center

On Tuesday, February 22, Upson County, through the Thomaston-Upson County Office Building Authority (“OBA”), successfully sold $21.1 million in revenue bonds at a premium of $2.3 million at competitive auction. 

This means the County only had to issue $21.1 million in bonds to raise $23.0 million in total funds necessary to build the County’s new judicial center. The $2.3 million in premium reflects the county’s excellent credit rating from Moody’s of Aa3, up from A1 several years ago and reflects the county’s strong fund balance. 

Moody’s analysts said this about Upson County; “Upson County, GA benefits from healthy financial reserves supported by conservative budgeting practices and adherence to formalized fiscal policies. The County has maintained a trend of positive operations and maintenance of high reserves and liquidity. The profile also benefits from manageable long-term liabilities and moderate fixed costs.”

According to the Jason Tinsley, County Manager, “The total net interest cost to the County over the life of the 20-year bonds will be 2.56%, a very low cost of borrowing. The low cost of borrowing reflects our excellent credit rating, conservative budgeting, and very strong fund balance. Investors are willing to pay above par on bonds issued by local governments with a low risk profile and strong fiscal performance and position. The Commissioners and I are very thankful for our Finance staff, our consultants at Davenport & Company, our bond counsel at Smith Gambrell Russell, the legal counsel of English Law Group and the OBA’s legal counsel of Adams, Barfield & Baity for the work they performed in preparation for the bond sale.”