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Board recommends using SPLOST funds to pay off GPO loan; staff says payoff would save about $359,000
Summary
Albany staff recommended and the utility board voted to recommend city commission approval to use SPLOST funds to pay off a GPO loan tied to the East–West interceptor project; staff said the payoff would save roughly $359,000 in interest but will require SPLOST reallocations and clearer explanation to the commission.
Albany staff told the utility board on Oct. 9 that early payoff of a GPO loan used for the East–West interceptor project could reduce the city’s future interest expense by about $359,000.
Staff presented a payoff figure of roughly $10,000,076.05 and proposed using existing SPLOST 5, 6 and 7 revenues to make the payment. As part of the recommendation, staff proposed reallocating $615,000 from…
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