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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.”