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Albany Utility Board backs recommendation to use SPLOST funds to pay off GPO loan, asks for fuller documentation
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 project, citing modest interest savings; members asked staff for a more detailed written explanation and documentation before commission action.
At its Oct. 9 meeting, the Albany Utility Board voted to recommend that the city commission consider using SPLOST funds to pay off a GPO loan tied to the East–West interceptor project.
Staff presented an early-payoff analysis and stated an estimated interest savings of about $359,000 if the loan is retired early. Staff proposed reassigning $615,000 from a SPLOST allocation previously noted for Holloway Drainage…
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