The Gainesville City Commission voted unanimously Thursday to approve Gainesville Regional Utilities’ request to refinance existing debt and borrow more money.
This comes after GRU officials warned not approving the measure could increase utility rates for customers.
City Commissioner Bryan Eastman was not convinced by the resolution.
Bryan Eastman.mp4
A spokesperson for GRU echoed a commissioner’s comments, saying the process is no different than refinancing a home, only on a larger scale.
Mayor Harvey Ward acknowledged the decision could be controversial, but says it is a necessary action.
Mayor Harvey Ward.mp4
GRU officials say getting the resolution approved will reassure investors and make borrowing necessary funds easier.