Business Buzzzzzzzz

BUsiness Buzzzzz, 11/09/2009

Category: Business Buzzzzzzzz

The upside of a bad economy?  The state of Georgia was able to sell $793.9 million in bonds at reduced interest rates, saving $35 million in one-time savings for fiscal 2010. And the annual debt service costs for Georgia will be reduced by $10 million.
The bonds are general obligation bonds to fund new schools, public safety projects, road projects and other crucial infrastructure. The state was able to lock in a rate of 1.49 percent – the lowest rate in state history – for five-year bonds and 2.99 percent for the 20-year bonds – also a record low rate, due to the state’s decision to issue Build America Bonds, an option provided to governmental issuers in the American Recovery and Reinvestment Act.  Under this option, the state will receive a 35 percent interest rate subsidy from U.S. Treasury.  Build America Bonds, combined with traditional tax-exempt bonds, proved to be the most cost-effective strategy for the transaction.
It’s a cold, cold world out there.
And that’s just the way some folks like it.
To prove it, they’ll be jumping into 40-degree waters on New Year’s Day.
Don Ernst and other members of the military veterans group Society of 40 Men or 8 Horses will be at Tybee’s Pier and Pavilion to welcome you to the New Year’s 2010 Polar Bear Plunge.
This will be the 10th year for the plunge, an event that last year drew about 800 adventurous swimmers and a couple thousand more spectators.
The only rule is to get completely wet.
There is one other rule – and that’s to have a good time, he adds. “It’s a hoot,” says Ernst.
“It seems like a great thing for Tybee,” said Mayor Jason Buelterman, no doubt calculating the money the Polar Bear Plungers and spectators will spent during their visit to the island.
The veterans group this year will be requesting donations from participants. The money will go to provide scholarships to Armstrong Atlantic State University’s nursing program, Ernst said.
Condé Nast Traveler recently featured Savannah’s Mansion on Forsyth Park, on the magazine’s annual list of the “Top 100 Hotels in the United States.” This marks the third consecutive year that the Mansion on Forsyth Park has been named to the top U.S. properties, which appears in Condé Nast Traveler’s November 2009 issue.
Georgia’s aerospace industry, ranked eighth in the U.S., took another step forward with the announcement that Wamar International, Inc., a leading global provider of premium services and products in the fields of power generation, oil and gas, aviation, real life support and defense and security, will expand its Georgia operations, creating 100 jobs over the next three years and 300 jobs over the next 10 years. The announcement came after Gov. Sonny Perdue met with the company’s senior leaders.  He made the announcement from Dubai, where he is on an economic development mission.
Wamar will consolidate its three business units – defense and security, energy and procurement and logistics – into one location, representing an investment between $3.5 and $4.5 million.
The new Kia plant in WestPoint, Ga. began production this week. The first 1,200 employees officially began full production of the Kia Sorento.  The company has also announced that is about to start the hiring process for 1,200 more workers for a second shift.
The economic impact for West Point, LaGrange and all of western Georgia goes far beyond these immediate jobs. Suppliers and support industries are creating thousands of new jobs and hundreds of millions of dollars more in new investment, according to the Georgia Department of Economic Development.
“The beginning of full production today reminds us that Georgia is well-positioned to lead the economic recovery.  We will continue to aggressively recruit new companies and new jobs to Georgia and create an environment where business can flourish,” said Gov. Perdue.

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