Toccoa City Commissioners are expected to take up consideration of re-financing of the city’s loans with the Georgia Environmental Finance Authority at their meeting today.
The city commission will meet today for a regularly scheduled meeting at 5 p.m. at Toccoa City Hall.
Last Monday, city commissioners heard from Brian Ubell of Robert W. Baird and Company of Atlanta about the possibility of re-financing the city’s GEFA debt.
As of January 1, the city has about $6.15 million in GEFA debt outstanding through various loans with interest rates ranging from 3.75 percent to 5.21 percent.
Ubell told commissioners last week that Baird believes the city could re-finance the total debt, while not extending the term, at 2.25 percent, potentially saving the city about $279,000 over the life of the loan. He also said the rate could potentially be better than 2.25 percent. Before making a decision, city commissioners asked Ubell to gather information about what sort of savings the city would see if the loan were re-financed to shorten the term, rather than lessen the payment.
Also at today’s meeting, Toccoa City Commissioners are expected to consider bids for the re-location of natural gas utility lines in connection to the Highway 17 widening project.
Other items on the agenda for today’s city commission meeting include a bid opening for replacement of a Fire Department Engine Room Bay Door, consideration of the purchase of computers and meeting management software, an executive session to discuss a legal issue, and the monthly financial report.
Today’s Toccoa City Commission meeting is open to the public.