After overcoming legal challenges to its purchase of Florida Water Services' Spring Hill Utility, Hernando County has issued bonds to refill accounts depleted to make the October acquisition.
On Thursday, the county issued $41,045,000 in bonds. Annual payment on the bonds, including principal and debt service, will average $2.5-million for 30 years. Over that period, utility ratepayers will spend $77,202,000 for the system, according to county finance director Amy Gillis.
Hernando had done well, Gillis said, because interest rates are lower than when the county first agreed to buy the system. And bond rating agencies gave Hernando better ratings than all other local governments in Florida involved in buying Florida Water assets.
