Since 1998, the city has borrowed $5.6 million from the Georgia Municipal Association and the city’s general, gas and water utility funds to fund CityNet. Also since that time, the city refinanced the initial bond package with a new one totaling $10.7 million. If the city’s deal with Mediacom is finalized as negotiations have indicated, the purchase price is expected to relieve all but $2 million of the city’s bond debt but not the internal loans or the Georgia Municipal Association loans.

Financial History of CityNet:

• September 1998 - $7,900,000 million in bond revenue was made available for the initial build-out of the system.

• September 1999 - $155,458 borrowed from the Georgia Municipal Association.

• September 2000 - $800,525 loaned to the system from the city’s general and gas utility funds.

• September 2001 - $1,204,450 was borrowed from the general and gas utility funds.

• September 2002 - $120,000 was borrowed from the gas utility fund and another $298,558 from the Georgia Municipal Association.

• June 2003 - $1,243,500 was borrowed from the gas utility fund and $879,994 from the Georgia Municipal Association.

• June 2004 - $608,269 was borrowed from the gas and the water utility funds.

• June 2006 - $182,469 was borrowed from the gas utility fund and from the hotel motel tax fund for economic expansion to industries and another $142,517 was borrowed from the Georgia Municipal Association.

• September 2006 - The initial bond package was refinanced with a new bond package totaling $10,720,000 to enable the system to keep current with new technology.

• June 2008 - $98,000 was borrowed from the water utility fund.