Tuesday, October 7, 2014

Bond refinancing saves $7.4 million

Knox County issued a release today, noting that it's gonna save $2.4 million more in folding paper than initially projected due to "lower-than-anticipated" interest rates.

This is all tied to some bond refinancing. Or something. 

Anyhoo, the county overall will save $7.4 million in avoided interest payments over the life of the bonds, which is until 2027. 

However, don't expect Mayor cheapo to cut you a check.

“While our state and federal governments are having trouble balancing budgets, Knox County continues to find ways to save money through efficiencies, and it’s always great when efforts like this turn out better than planned,” Mayor Tim Burchett said. “When we can save taxpayers millions of dollars by simply refinancing a portion of our debt, we’re going to do it. Common sense steps like this, combined with conservative fiscal budgeting, have put Knox County in a sound financial position.”

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