Albany will get $$$ from MEAG - WALB.com, Albany News, Weather, Sports

Albany will get $$$ from MEAG

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By Karen Cohilas - bio | email

February  3, 2009

ALBANY, GA (WALB) - Albany leaders decide how to divide millions of dollars they'll get back from the Municipal Electric Authority of Georgia.   Exactly how they'll spend the money they'll decide later.

Tuesday, City commissioners decided to keep a third for the city, give Water Gas and Light a third, and put a third in reserves.

The credits will start at the end of this month and will total about nine million dollars a year for the next ten years.

"We felt like over a period of 10 years, if you get $3 Million a year, that's $30 Million, so there's a lot of things you can do with $30 Million over a period of time," said City Commissioner Tommie Postell.

A joint committee from the city and WG&L came up with the plan. Since the money will actually come in the form of credits, Water, gas and light will have to write a check to the city, the reserve trust fund, and its own investment account.

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