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.

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.