Wednesday, February 11, 2004
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Wednesday, February 11, 2004 |
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PTC Council OKs bond sale for $4.9 M library expansion By J. FRANK LYNCH The $4.9 million expansion of the Peachtree City Library approved by voters in November remains on schedule, with the Peachtree City Council giving its approval last week to the terms for selling a bond package to fund the construction to a single investor. RBC Centura Bank will be the sole holder of the bonds, a nontraditional approach, admitted City Finance Director Paul Salvatore. But that will ultimately save the city about $131,000 in fees and closing costs had there been multiple investors. By going directly with a single buyer, negotiated by a private consultant hired by the city instead of through a municipal bond broker, the process is also accelerated. “In a private placement, this is the best way to do it,” Salvatore told the council. The city and Centura will close on the bond Thursday, said Salvatore, and the city should have the funds in hand two weeks later on Feb. 26. The council unanimously approved a motion to accept the terms of the sale. Meanwhile, the Library Commission meets tonight to hear an update on the expansion from the developer, Leo Daly Company of Atlanta. They will also consider the length of terms of office for members of the appointed Library Commission, a discussion carried over from the last meeting. The Library Commission meets at 6:30 p.m. today in the basement-level Floy Farr conference room.
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