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Funding Board retroactively approves Pigeon Forge 2021B refunding bonds and authorizes $30 million TDZ-backed debt for Civic Event Center expansion
Summary
The board granted retroactive approval for Series 2021B refunding bonds and approved issuance of debt payable from Tourism Development Zone (TDZ) revenues for a $30 million expansion of Pigeon Forge's Civic Event Center, while members sought assurance the debt will be repaid within the TDZ term.
NASHVILLE — The Tennessee State Funding Board on May 19 granted retroactive approval for the City of Pigeon Forge’s Series 2021B refunding bonds and approved a request to issue debt payable from tourism development zone (TDZ) revenues to fund remaining qualified public-use facilities, including a $30,000,000 expansion of the Civic Event Center.
Betsy Knotts of Bass, Berry & Sims, representing the city, told the board the 2021B refunding bonds were issued in 2021 to capture roughly $19,000,000 in cost savings. Knotts said those bonds were primarily secured by an unlimited property tax pledge (a general obligation pledge) and are “payable from, but not secured by, the TDZ revenues.” She said the city was requesting…
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