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Board backs recommendation to use SPLOST funds to pay off GPO loan, cites modest interest savings
Summary
The Albany Utility Board voted to recommend that the city commission use SPLOST 5, 6 and 7 funds to pay off a GPO loan tied to the East–West interceptor project, citing an estimated interest savings of about $359,000 and asking staff to supply clearer analysis to the commission.
The Albany Utility Board on Oct. 9 voted to recommend that the City Commission consider using SPLOST funds to retire a GPO loan issued for the East–West interceptor project.
Staff briefed the board on an early‑payoff calculation provided by GPO and said the available payoff figure is in the neighborhood of $10 million. "We would save about $359,000 worth of interest in the future," a…
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