Albany considers bonds to start sales tax projects - WALB.com, Albany News, Weather, Sports

Albany considers bonds to start sales tax projects

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November 15, 2005

Albany - The city of Albany spends tens of millions of dollars in sales tax money on projects such as the Flint Riverquarium and the law enforcement center. The city now has a new wish list of projects. The problem is leaders don't want to wait for the sales tax money to roll in to begin those projects.

Tuesday, the city manager asked commissioners to approve borrowing money to start the projects. The city would then pay back the bond as the sales tax revenue comes in. Alfred Lott said project costs will go up yearly because of inflation, and the city could get an interest rate as low as 3.5% on a bond. But interest and borrowing fees on a $20-million bond would cost the city up to $1.7-million.

City commissioners made no decision on the bond during the work session.

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