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Byron council authorizes second modification to $2.5M GEFA loan to extend repayment
Summary
Council approved a second modification to the Georgia Environmental Finance Authority loan (CW2016048), originally $2,500,000, to extend repayment after the project came in under budget; the mayor was authorized to execute the modification unanimously.
The Byron City Council on Dec. 14 authorized the mayor to execute a second modification to the Georgia Environmental Finance Authority (GEFA) promissory note and loan agreement for loan number CW2016048.
Public Works Director Tiffany Bibb told the council the original borrowing was $2,500,000 under a loan agreement dated Jan. 3, 2019, and the Promissory Note dated Nov. 19, 2018; because project costs came in under budget, the second modification extends the loan repayment schedule. Council Member Chris Hodges moved to authorize the mayor to execute the second modification, Council Member James Richardson seconded, and the motion passed unanimously.
The resolution authorizing execution of the Second Modification and related documents is on file in the City Clerk’s office. The minutes record the council’s approval but do not include the modified repayment schedule or new payment dates.
