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Board discusses using SPLOST funds to pay off interceptor loan early, staff cites modest interest savings
Summary
Staff told the Albany Utility Board it could use SPLOST sales‑tax funds to pay off a $10 million‑plus loan for the East‑West interceptor and save about $359,000 in interest, but members requested more detail on tradeoffs and directed staff to prepare a fuller explanation for the city commission.
Utility staff reported to the board that the payoff figure for the city’s GPO‑held loan for the East‑West interceptor is roughly $10,000,076 (staff‑provided figure). Staff said available SPLOST (special local option sales tax) funds from SPLOST 5, 6 and 7 could be used to make an early payoff that would yield approximately $359,000 in future interest savings.
Staff proposed…
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