Americus City Council approves boundaries for loan

Local News

June 21, 2010

Carly Farrell The Americus Times-Recorder The Times-Recorder Mon Jun 21, 2010, 08:45 PM EDT

AMERICUS — The Americus City Council unanimously approved boundaries revenue bond boundaries to combine utility revenue bonds Monday at its agenda setting meeting.

Council members agreed not to exceed $15 million and not to exceed an interest rate of seven percent. They also will not take more than 20 years to pay back loans.

But, according to the City’s Chief Administrative Officer Charlotte Cotton, right now, they’re looking at a loan of $12 million at a 3.1 percent interest rate with Synovus bank, which will take about 10 years to pay back.

“(The boundaries) will just give us a little wiggle room,” Cotton said.

The loan will be used for the storm water utility upgrade that will begin taking place soon.

Council members also agreed to spend, in partnership with the Sumter County Board of Commissioners, the Sumter County Board of Education, Phoebe Sumter Medical Center and the Americus-Sumter County Payroll Development Authority, $10,000 to continue Archway’s contract through the University of Georgia for a year. Archway helps develop small communities in Georgia.

Americus Police Chief James Green said Skyline Sports Bar & Grill on Bay Street had passed all requirements to obtain an alcoholic beverage license. The Council should vote on the issue at its regular meeting at 6 p.m. Thursday.

Mandy Young, the City’s community and economic development director, said Quizno’s and Americus Fitness Center, both on Forsyth Street, are permanently closed.

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Americus City Council approves boundaries for loan

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