WG&L bonds refinanced - WALB.com, South Georgia News, Weather, Sports

WG&L bonds refinanced

By Karen Cohilas - bio | email

ALBANY, GA (WALB) –  The City of Albany is looking to refinance bonds in order to save hundreds of thousands of dollars. 

Back in 1998, Water, Gas and Light, through the city borrowed close to $14 Million to build the water treatment facility. The interest rate on the bond is about four and a half percent.

But interest rates have dropped. They city is now looking to refinance at just over 3.5% on the remaining $8 Million left on the principal, saving hundreds of thousands of dollars. 

"December was the first time we've had an opportunity to look at interest rates and see if we could save some money by refinancing these bonds and we can," said WG&L Finance Director John Vansant. "We can save between $250,000 and $400,000. So we've decided to go ahead and do it."

Refinancing the bonds will not extend the length of payments, it will only lower the amount of interest paid.

 

©2010 WALB News. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.  Feedback

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • The Latest: Irma weakens into a tropical depression

    The Latest: Irma weakens into a tropical depression

    Monday, September 11 2017 3:27 AM EDT2017-09-11 07:27:29 GMT
    Tuesday, September 12 2017 2:42 AM EDT2017-09-12 06:42:09 GMT
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
    Irma weakened to a Category 1 storm as the massive hurricane zeroed in on the Tampa Bay region early Monday after hammering much of Florida with roof-ripping winds, gushing floodwaters and widespread power outages.More >>
  • Rodent renders Bainbridge powerless

    Rodent renders Bainbridge powerless

    Friday, September 22 2017 12:16 PM EDT2017-09-22 16:16:54 GMT
    (Source: WALB)(Source: WALB)

    A city-wide power outage left Bainbridge without power when a squirrel got into the substation and tripped breakers. 

    More >>

    A city-wide power outage left Bainbridge without power when a squirrel got into the substation and tripped breakers. 

    More >>
  • President Carter honored with GSW Presidential Plaza dedication

    President Carter honored with GSW Presidential Plaza dedication

    Friday, September 22 2017 11:40 AM EDT2017-09-22 15:40:11 GMT

    Dedication of Georgia Southwestern State University's "Presidential Plaza"  is scheduled for 11:00 a.m. at the Wheatley Administration Building Lawn, on the Georgia Southwestern State campus in Americus. This new area on campus serves as the centerpiece to the University's signature entrance.  The west or front side of the plaza features a set of planted hedges that spell "GSW." The east or plaza side includes a mounted hand signature in cement from Pre...

    More >>

    Dedication of Georgia Southwestern State University's "Presidential Plaza"  is scheduled for 11:00 a.m. at the Wheatley Administration Building Lawn, on the Georgia Southwestern State campus in Americus. This new area on campus serves as the centerpiece to the University's signature entrance.  The west or front side of the plaza features a set of planted hedges that spell "GSW." The east or plaza side includes a mounted hand signature in cement from Pre...

    More >>
Powered by Frankly