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Budget Committee approves termination of certain interest-rate swap agreements
Summary
Sevier County officials presented and the Budget Committee approved a resolution to terminate certain interest-rate swap agreements tied to Public Building Authority bonds; the motion passed unanimously on March 9.
The Sevier County Budget Committee voted March 9 to approve a resolution to terminate certain interest-rate swap agreements of the Public Building Authority that relate to bonds whose proceeds were loaned to the county.
Vice Mayor Bryan McCarter and Assistant Mayor Brooke Huffaker presented the resolution at Mayor Larry Waters' request. Commissioner Warren Hurst moved the measure and Commissioner Gary Cole seconded. The motion passed unanimously; with seven committee members listed on the meeting roster, the transcript records the action as unanimous but does not list individual roll-call votes.
The committee record identifies the subject of the resolution as termination of swap agreements tied to county-related bonds; the transcript does not provide further financial detail such as the notional amounts involved, anticipated costs or savings from termination, or the counterparties to the swaps.
Committee members did not record further debate or specific fiscal analyses during the meeting minutes. The committee moved on to additional items and adjourned at 4:50 PM.
