Toccoa Commission To Meet Today

March 11, 2013

Toccoa City Commissioners are expected to again consider the re-financing of the city’s loans with the Georgia Environmental Finance Authority at a work session and regular meeting later today.

The city commission will meet for a regularly scheduled meeting at 5 p.m. today. Preceding that at 3:30 p.m., city commissioners will hold a work session.

Both the meeting and the work session will take place in the commission meeting room at Toccoa City Hall.

During the work session, city commissioners are scheduled to continue their discussions on re-financing just over $6 million in GEFA water/wastewater fund debt.

Currently, the interest rates on what are three different GEFA debts range from 3.75 to 5.21 percent.

Robert W. Baird and Company of Atlanta has proposed consolidating and re-financing the debt, with the firm stating that it believes the city could do so at an interest rate of 2.25 percent without extending the length of the debt. According to Baird officials, doing that would save the city an estimated $325,000.

Commissioners have previously discussed the issue at their last two meetings.

At its last meeting on February 25, the commission voted unanimously to use Baird to re-finance the debt, but did not agree to any re-financing terms. Commissioners said at the time they needed more information on different options prior to making a decision.

After the scheduled work session discussion, consideration of re-financing the GEFA loans then appears on the meeting agenda under “new business.”

Today’s Toccoa City Commission meeting and work session are both open to the public.

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