On September 17, 2009, Gray & Pannell served as bond counsel to the City of Savannah on the issuance of four seperate bond issues, including the first Recovery Zone Economic Development Bonds issued in the State of Georgia. The City of Savannah issued two series of water and sewer bonds, $12,725,000 of refunding revenue bonds and $16,175,000 of improvement revenue bonds issued as Taxable Build America Bonds. Also issued for the City of Savannah through the Downtown Savannah Authority were two series of stormwater capital improvement revenue bonds. $16,845,000 were issued as refunding bonds and $20,155,000 were issued as Taxable Build America Bonds. A portion of the Build America Bonds were also designated as Recovery Zone Economic Development Bonds (RZEDBs), the first to be issued in the State of Georgia since their creation by Congress in the American Recovery and Reinvestment Act of 2009 (the “Stimulus Act”). Build America Bonds were created by the Stimulus Act and are subsidy bonds where the federal government subsidizes 35% of the interest payable on the bonds. Recovery Zone Economic Development Bonds were also a creature of the Stimulus Act and qualify for a 45% interest subsidy.