JARRETT GOODMAN
Staff Writer
Marion County’s Board of Mayor & Commissioners agreed to have two obligation bonds from 2010 and 2014 refinanced in the total amount of $8,959,840.78.
County Mayor David Jackson explained in detail both bonds and what they were used for in their respected time frames. The 2010 bond was a set of funds used to help construct Kimball’s Chattanooga State Community College campus, the county owing over $1 million for the project. The 2014 bond relates to funds already financed from 2006; the funds being used to construct Whitwell Middle School’s new facility and South Pittsburg High School’s Brooks-Fuqua gymnasium.
The board had paid 3.975% interest for both bonds prior to refinancing. The county aims to save up to $40,000 a year in interest through the resolution. Additional approval from the state’s comptroller office via a letter was provided at the meeting to further state assurance of the board’s decision. However, prior to the resolution’s passage, Commissioner Paul Schafer expressed some concerns regarding the provided numbers.
Among one of the questions asked by Shafer is if the county is in compliance with the state’s mandatory regulations for financial debt. Mayor Jackson stated the county is indeed in compliance with state law, and all listed financial debts were processed through the comptroller’s office. Another concern mentioned was a $40,349 contribution towards previous debt funds. Mayor Jackson assured him the amount will be included in a sale of bonds worth $189,570, an amount part of the overall resolution.
“That will be included in the sale of bond,” stated Jackson.
The resolution was unanimously approved, and both bonds are expected to be refinanced through the local government very soon.