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Mayor Burchett signs CIP bonds, saves $250K in fees

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KNOXVILLE (Sept. 6, 2013) -- Knox County Mayor Tim Burchett signed off on two fiscal years worth of capital improvement bonds this morning, saving approximately $250,000 in avoided fees.  He was joined by Knox County Commission Chairman Brad Anders and Knox County Clerk Foster Arnett.

Local governments pay fees whenever they issue bonds for various projects.  By combining what would have been two separate issuances into a singe, two-year bond issue, Mayor Burchett and his finance, with the approval of the Knox County Commission, were able to avoid paying two separate fees.  The bonds will help fund the Fiscal Year 2013 and Fiscal Year 2014 capital improvement plans (CIP).

"Combining these bond issuances is an efficient and effective way of reducing costs while continuing to ensure that needed improvements to our schools, roads and facilities are being taken care of," said Knox County Mayor Tim Burchett.

The bonds signed today will help fund, among other things, improvements at several Knox County Schools, including Gresham Middle and Belle Morris Elementary, as well as a new Kars Senior Center, the Karns Connector and improvements to Dry Gap Pike. 

Each year, as part of the Knox County Budget, Mayor Burchett prensents a proposed five-year Capital Improvement Plan to Commission.  Commissioners then approve and fund the first year of the five year plan.  You can find the current and recent county budgets and CIPs by CLICKING HERE.

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Knox County

City County Building
400 Main Street
Knoxville, TN 37902

Phone: 865-215-2000

Hours:
Monday - Friday
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