County to mull refinance of school bonds

Could save over $253,000

By Jan Runions - [email protected]

The county could realize a savings of approximately $253,865 if the Claiborne County Commission adopts resolution 2017-015 during its regular monthly meeting. The resolution calls for the refinancing of school bonds totaling some $4.485 million in aggregate principal.

Included in the 18-page document are provisions to allow the securing of the bonds via a property tax levy, if needed, to pay the principal, premium or interest on the bonds. This portion of the resolution is a standard inclusion in most documents of its kind.

Series 2007 of the General Obligation Refunding Bonds, if left alone, is set to begin maturing in May of 2019, with an end maturation date of May 1, 2021. However, the county has the legal right to refund the bonds prior to maturation, if doing so results in a reduction in the county debt service via lower interest rates or other means.

Also on the commission agenda are the appointments of committee seats left vacant by former district three commissioner Ann Bowling, upon retirement. The board is expected to fill the positions on the Jail Committee, the Claiborne Regional Planning Commission and the Buildings, Grounds and Personnel Committee.

During the February meeting, County Mayor Jack Daniels handed to the full commission the job of appointing the committee replacements. Normally, these appointments are left to the sole discretion of the county mayor.

At the time of the February meeting, Daniels asked that any nominations be submitted to his office by March 7.

A Claiborne School resolution amending the Federal Projects Budget will also be voted on, during the commission meeting. Under new state reporting requirements, the county budget must match the state budget ‘penny for penny.’

Resolution 2017-013, which encompasses the No Child Left Behind, Preschool and Gear Up federal projects, involves no state or local tax dollars.

The commission will be asked to adopt a resolution that will designate April 8 as the county’s yearly installment of the ‘Great American Cleanup.’

This is the annual program that gets local folks involved in collecting trash in exchange for a payoff of $1 per filled trash bag.

A rain date for the event is set for April 15.

If adopted, resolution 2017-016 will formally seat the full commission for another fiscal year battle with the county budget. The budget committee is expected to have a harder time crunching the county numbers this year, due to projections of an almost depleted general fund account.

The Claiborne County Commission meeting will begin at 6:30 p.m. on March 20, inside the large courtroom of the Claiborne County Courthouse. The public is encouraged to attend these monthly meetings.

Reach Jan Runions at 423-254-5588 or on Twitter @scribeCP.

Could save over $253,000

By Jan Runions

[email protected]

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