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Albany utility staff propose using SPLOST funds to pay off sewer loan; board requests more detail
Summary
Staff proposed using SPLOST 5, 6 and 7 proceeds to pay off a roughly $10.08 million GPO loan for the East–West interceptor, which would save an estimated $359,000 in interest; board asked for a more detailed explanation before the City Commission acts.
Staff told the Albany Utility Board on Oct. 9 that the city could pay off a GPO loan for the East–West interceptor project and save an estimated $359,000 in future interest. The payoff figure cited from GPO was about $10,076,049.09 as of the materials staff reviewed.
To execute the proposal staff recommended reallocating $615,000 from SPLOST 5…
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