News release -- bond refinancing

September 30, 2010

OWASA refinanced $22 million of bonds at lower interest rates. The lower rates will save customers about $2.3 million over the next 17 years.

Gordon Merklein, Chair of the OWASA Board of Directors, said “We are pleased to report these savings to our customers. They are part of our ongoing commitment to cut costs while maintaining the quality and reliability of our water and wastewater management services.”

Stephen Winters, OWASA’s Director of Finance and Customer Service, said “According to our bond underwriters and State of North Carolina officials involved in refinancing our bonds, the low interest rates we received are a testament to our strong credit rating as well as the market’s interest in water utilities.”

For more information:

Stephen Winters, CPA, Director of Finance and Customer Service, 537-4230 or