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Utility board to recommend using SPLOST funds to pay off GPO loan, citing interest savings
Summary
Staff told the board an early payoff of the GPO loan for the East/West interceptor would cost about $10,076,050 and could save roughly $359,000 in interest; the board voted to recommend the city commission use SPLOST 5, 6 and 7 funds to pay the loan, with staff asked to provide a fuller written explanation.
City finance staff presented an analysis at the Oct. 9 Albany Utility Board meeting recommending early payoff of a GPO loan related to the East Side/West Side interceptor project.
The staff presentation said a payoff figure provided by the lender was approximately $10,076,050.49 and estimated the city would save about $359,000 in future interest. Staff…
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