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Staff proposes using SPLOST revenues to pay off interceptor loan; board asks for more detail before city commission action
Summary
Staff proposed applying SPLOST 5, 6 and 7 funds to early‑pay a GPO loan for the East‑West interceptor project, estimating about $359,000 in interest savings; board asked for clearer documentation and more detailed pros/cons before recommending approval to the city commission.
Staff presented an analysis of an early payoff for a GPO loan tied to the East‑West interceptor project and recommended using a mix of SPLOST 5, 6 and 7 proceeds to retire the debt. The staff presentation included a payoff figure read aloud in the meeting materials and an estimated interest‑savings amount of…
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