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Albany utility board recommends city consider early payoff of GPO loan using SPLOST funds
Summary
Board staff proposed using SPLOST 5/6/7 sales-tax proceeds to pay off a roughly $10 million GPO loan for the East–West interceptor project, projecting about $359,000 in interest savings; commissioners asked for more detailed materials before commission action but the board voted to recommend the payoff.
Staff told the board that the city could pay off a GPO loan tied to the East–West interceptor project by reallocating sales-tax proceeds from SPLOST 5, 6 and 7. The presentation included a quoted payoff figure near $10,000,000 and an estimated interest savings of about $359,000.
Staff noted that some SPLOST categories and balances would be adjusted if the board moved forward with the payoff; for…
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