Cedartown City Commissioners gave their approval to go ahead with a plan to get some money now to start on projects and make equipment purchases that are needed before collections start on the extended Special Purpose Local Option Sales Tax.

JP Morgan Chase put in the low bid for the $4.5 million by offering a 4.22% interest rate on the bonds that will be repaid over 10 years.

Commissioners unanimously approved the plan that will give the city money now to make purchases for a new fire truck, another for the water and sewer department, plus get construction work completed on the proposed Lankford Corner development and finish the Goodyear Soccer Complex’s next phase.

The proposal was covered by City Commissioners during their work session, but the Public Facilities Authority met on Monday, November 13 prior to the City Commission’s regular session. They had to also approve the request to offer bonds to the market through JP Morgan Chase, which they did without issue.

Once the bonds are sold, the City of Cedartown will have ready cash on hand to make the purchases and have funds available to get projects completed, but the the $4.5 million they borrow now will have to be paid off with SPLOST 2026 proceeds.

The goal will be to pay them off early, per City Manager Edward Guzman.