On September 17th the Tyrone Council voted unanimously to retire the long term debt owed to Fairburn for capital costs associated with the sewer service in portions of Tyrone. The pay-off price was determined to be $217,755.00. This early pay off resulted in savings of about $69,000 to Tyrone’s sewer users.
Tyrone was also notified that Fulton County had raised Fairburn’s sewer rates to them and, as we are authorized to use 25% of Fairburn’s allocation, 25% of Fairburn’s cost was passed to Tyrone. Rather than raise the sewer rate to our customers, the Tyrone Council decided to absorb this additional cost from the sewer reserves.
When Tyrone’s sewer reserves reach a point where it is not anticipated that a requirement to borrow funds for repairs to the sewer system, a reduction in sewer rates is anticipated.