PTC eyes borrowing $3 million for fix-ups
10-year repayment at $361,000 per year; PTC already owes $14.8 million with a yearly budget of $29.5 million
The Peachtree City Council on Thursday will consider going into debt for an additional $3 million by using a second round of facilities bond financing to address infrastructure and building needs.
At $3 million the debt repayment is estimated to be $361,000 a year for 10 years.
The city already owes $14.8 million in outstanding debt that is repaid through the city’s general fund, though $5.7 million will come off the books in 2019 as general obligation bonds and equipment leases are paid in full, according to figures presented by City Finance Director Paul Salvatore.
The city’s total budget adopted last year was $29.5 million.
The city also owes $9.1 million in payments for last year’s stormwater bond, but that loan is paid for with revenues from the city’s stormwater utility, which is a separate account from the general fund.
The stormwater bond lasts through 2033 when it will be paid in full. Until then the city’s stormwater utility will pay around $690,000 a year in principal and interest.
Thursday night, Community Services Director Jon Rorie will present a list of identified projects for the proposed facilities bond. The city’s 2014 budget included an estimated $2.5 million for city building and infrastructure needs, including a wall restoration at the Kedron Aquatic Center, work on the fire department’s training building, demolition of the closed Clover Reach Pool and a number of projects at the city tennis center.