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Albany board recommends using SPLOST funds to seek early payoff of interceptor loan, citing interest savings
Summary
The utility board voted to recommend the City Commission consider using SPLOST 5, 6 and 7 funds to pay off an outstanding GPO loan for the East–West interceptor, which staff said would save about $359,000 in future interest; members asked for a more detailed explanation and supporting documents before the commission acts.
The Albany Utility Board on Oct. 9 recommended that the City Commission consider applying SPLOST funds toward an early payoff of a GPO loan used for the East–West interceptor project, staff said.
Staff told the board they contacted GPO and received an estimated payoff amount; they said early payoff would reduce future interest costs by about $359,000.…
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