Rutherford County is going back to the bond market this fall to fund building projects.
The Budget and Finance Committee approved Friday night an initial resolution to authorize the county to seek out up to $85 million in bonds to fund two middle schools, road projects and possibly build a new County Clerk’s office in Smyrna.
It’s doubtful the county will actually borrow the full amount, and the actual amount will likely fall closer to $44 million.
The county is also looking at a more savvy way to borrow the money, which could save taxpayer money.
The county has in the past financed its bonds on a 20-year repayment schedule at around 4 percent interest.
The committee heard a proposal Friday night that would finance two-thirds for 20 years and the other third on a short-term basis for two years at 2.5 percent interest. The change in financing could save between $500,000 and $1.5 million dollars in interest payments.
The county currently owes around $400 million in bonds and pays back around $25 million per year.
Other committee business:
- Unanimously recommended funding $23,833,000 to finish the Buchanan Middle School project and $23,833,000 to complete another middle school near Oakland High School.
- Approved a plan from the County Archives to digitize maps referencing every historic building in Rutherford County, including their condition and history, to be accessible on the Internet.
- Approved a plan for an on-the-job injury prevention program.
- Recommended minor changes to active employee health insurance and the pay schedule of current retiree health insurance.
Michelle Willard can be contacted at 615-869-0816 or mwillard@murfreesboropost.com. |
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