ADICA repays city - WALB.com, South Georgia News, Weather, Sports

ADICA repays city

By Len Kiese - bio | email

ALBANY, GA (WALB) –The Albany Dougherty Inner City Authority says they are honoring their financial obligations and are paying the city of Albany back to the tune of a half million dollars.

The city advanced ADICA $500,000 in anticipation of a $6-million dollar bond.

Monday night, board members voted to draw a $100,000 requisition from that bond, combine it with $400,000 in their account and repay the city.  It lessens an already tight budget for the board.

"We never had much money. We never do have much money but it does make it very, very low. We don't have money to do things other than draw the bond. But we don't want to draw the bond until we have something to do with it substantial because it then begins to accrue interest and we want to keep the interest as low as we can," said Interim ADICA Director James Taylor.

ADICA leaders hope to use money from the bond to spur redevelopment downtown.

To make sure all payments are legit, any money used from the bond has to be authorized by multiple signatures.

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