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Albany board recommends using SPLOST funds to pay off interceptor loan early
Summary
Board voted to recommend the city commission use SPLOST 5, 6 and 7 funds to pay off a GPO loan for the East‑West interceptor, citing about $359,000 in interest savings; staff will prepare detailed resolutions and explanations for commission consideration.
The Albany Utility Board recommended on Oct. 9 that the city commission use sales‑tax (SPLOST) funds to pay off a GPO loan tied to the East‑West interceptor project.
Staff said the current payoff figure quoted by GPO is approximately $10 million (staff read the precise payoff number from GPO materials) and estimated interest savings around $359,000…
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