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Albany utility board backs recommendation to use SPLOST funds to pay off interceptor loan
Summary
The Utility Board voted to recommend that the City Commission use remaining SPLOST dollars to prepay a GPO loan tied to the East–West interceptor project, a move staff said would save roughly $359,000 in future interest but would reallocate funds from other SPLOST projects.
The Albany Utility Board on Oct. 9 voted to recommend that the City Commission use a mix of remaining SPLOST 5, 6 and 7 funds to prepay a GPO loan tied to the East–West interceptor project.
Staff said the outstanding loan balance is roughly $10.076 million (figure provided as staff’s current payoff estimate) and that prepayment…
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