GPW closes $1.37 Billion of State of Georgia General Obligation Bonds
On July 7, 2016, the State of Georgia closed its largest aggregate general obligation bond issue in the State’s history. Gray Pannell & Woodward LLP acted as bond counsel to the State of Georgia and gave the approving bond opinions on the $720,165,000 State of Georgia General Obligation Bonds 2016A, $199,870,000 State of Georgia General Obligation Bonds 2016B (Federally Taxable), $383,025,000 State of Georgia General Obligation Refunding Bonds 2016C and $67,645,000 State of Georgia General Obligation Refunding Bonds 2016D (Federally Taxable). The proceeds of the 2016A and 2016B issues will provide funds for a variety of capital improvement projects for the State including the State Board of Education, Technical College System, Department of Agriculture, Department of Natural Resources, Department of Economic Development, Board of Regents, Department of Transportation, and a laundry list of other state departments and commissions. Proceeds of the 2016C and 2016D issues were used to refund outstanding general obligation bonds of the State of Georgia which provided a present value savings of over $66 million. Gray Pannell & Woodward is proud to have served as bond counsel for the State of Georgia on this historic bond issue.