City will borrow money for SPLOST projects - WALB.com, Albany News, Weather, Sports

City will borrow money for SPLOST projects

November 21, 2006

Albany - The city of Albany will borrow money to complete sales tax projects at a reasonable speed. The city collects money from the state each month as they come in for sales tax projects. But the money comes in too slowly to allow major construction projects to be completed, so commissioners plan to issue a $14 Million bond.

Assistant City Manager Wes Smith says, "The escalation in costs in construction are actually going faster than inflation so it's cheaper to go ahead and do the work and secondly there is a pure and real expectation in the community to proceed with the SPLOST projects and the only way to do that in a timely manner is to do some borrowing."

The bond would help pay for riverfront projects, alley paving's, street resurfacing and the new communications tower. Collections for SPLOST five will be collected through March 2011, that's when the bond must be repaid.

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