KNOXVILLE, Tenn. (Oct. 10, 2017) — Knox County will save approximately $5.9 million in avoided interest payments thanks to a bond refinance on the upcoming Knox County Commission agenda.
The bond sale, which amounts to a refinance of a portion of county debt, is being proposed by Knox County Mayor Tim Burchett. The refinance will require Knox County Commission approval. Knox County’s high bond rating is a key factor in securing competitive interest rates in the bond market. Once approved, the refinanced bonds are expected to go to market in November.
“Washington struggles to pass a budget, let alone a balanced one. Here in Knox County we’re not only paying down debt, but we’re also making it a priority to find efficiencies and opportunities to save taxpayers money,” said Mayor Burchett. “Since I took office, we’ve saved taxpayers millions of dollars by simply refinancing a portion of our debt to avoid interest. This sort of fiscally conservative, responsible financial management is too often missing from government.”
If approved at the October meeting, Mayor Burchett and the Knox County Commission will have saved taxpayers more than $17 million in interest savings through similar refinancing opportunities since the Mayor took office in 2010.