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Budget panel approves up to $7.4 million in capital outlay notes to finish county projects
Summary
The committee authorized General Obligation Interfund Capital Outlay Notes not to exceed $7.4 million to fund remaining capital projects, including the Kodak Library portion, Senior Center renovations and $1 million to complete the new Courts Building; the committee recorded unanimous approval.
Sevier County’s Budget Committee unanimously authorized up to $7.4 million in General Obligation Interfund Capital Outlay Notes at its Dec. 8 meeting to pay for remaining capital projects.
Mayor Larry Waters presented the resolution and Director Brooke Huffaker said the notes would allow the county to pay for the Kodak Library portion, Senior Center renovations and $1 million to complete the new Courts Building. Waters added that the Senior Center cafeteria will be named in honor of Dolly Parton’s mother "in recognition of her donation," according to his remarks during the meeting. Waters also said the county would not be required to pay interest on the notes.
Commissioner Mike Chambers moved approval; Commissioner Warren Hurst seconded the motion. The committee approved the measure unanimously.
The resolution authorizes the issuance, sale and payment of capital outlay notes not to exceed $7,400,000 and directs county staff to proceed with the financing steps outlined by the county’s financial advisors.
