May 24, 2012
(WVLT)-- Knox County Schools will benefit from $1.43 million savings from avoided interest payments, thanks to a bond refinance.
Knox County Mayor Tim Burchett proposed a bond sale to refinance a portion of the county debt.
"It is no secret that I am not a fan of debt, and I think it is important to limit our interest payments whenever possible," Mayor Burchett said. "Refinancing debt isn't flashy, but it is a simple way to see substantial, real-dollar savings that benefit our taxpayers. For the Knox County Schools, these savings come at a good time, as they begin working on their 2013 budget."
Standard & Poor's recently affirmed Knox County's strong AA+ bond rating, citing the country's "track record of conservative financial management" and "tight expenditure controls."
