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

WG&L bonds refinanced

Posted: Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Football coaches stress hydration as South Georgia heats up

    Football coaches stress hydration as South Georgia heats up

    Monday, July 28 2014 11:12 PM EDT2014-07-29 03:12:23 GMT
    Football is an intense, and grueling collision sport, and when South Georgia heats up, practice is even more stressful on the body."We don't wanna lose a kid because of the fact they are not hydrating themselves," says Monroe Head Coach Charles Truitt.That's why coaches stress the importance of staying hydrated on and off the field."We preach when they get home at night after football practice, to hydrate themselves and then we they get up in the morning hydrate themselves," says Truitt.After...More >>
    Football is an intense, and grueling collision sport, and when South Georgia heats up, practice is even more stressful on the body."We don't wanna lose a kid because of the fact they are not hydrating themselves," says Monroe Head Coach Charles Truitt.That's why coaches stress the importance of staying hydrated on and off the field."We preach when they get home at night after football practice, to hydrate themselves and then we they get up in the morning hydrate themselves," says Truitt.After...More >>
  • Man stabbed after telling attacker about Jesus

    Man stabbed after telling attacker about Jesus

    Monday, July 28 2014 8:05 PM EDT2014-07-29 00:05:30 GMT
    A Thomasville man is recovering after being stabbed. The man says he was trying to steer his attacker in the right direction, when the man snapped.More >>
    A Thomasville man is recovering after being stabbed. The man says he was trying to steer his attacker in the right direction, when the man snapped.More >>
  • Warwick Police Chief to appeal firing

    Warwick Police Chief to appeal firing

    Monday, July 28 2014 7:07 PM EDT2014-07-28 23:07:44 GMT
    The former Police Chief of Warwick said he was still in shock Monday after being fired without warning by the Mayor.More >>
    The former Police Chief of Warwick said he was still in shock Monday after being fired without warning by the Mayor.More >>

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