LAFOLLETTE, TN (WLAF) – LaFollette Utilities will soon be reworking $13 million worth of debt that is scheduled to pay out in 2031. The current interest rate is variable, and the utilities would like to have a fixed rate, that would pay out in 15 years. The change could result in an $84,000 savings, which would save about 26 percent. Watch the meeting HERE.
Council approved resolution 2019-15 authorizing the issuance of not to exceed two million fifty thousand general obligation bonds of the City of LaFollette and resolution 2019-16 authorizing the issuance of general obligation bonds of the City of LaFollette in the aggregate principal amount of not to exceed $15,100,000 in one or more series; making provision for the issuance, sale and payment of said bonds, establishing the terms thereof and the disposition of proceeds therefrom; and providing for the levy of taxes for the payment of principal of, premium if any, and interest on the bonds.
Two additional resolutions were also approved. Resolution 2019-13 authorizing administrative services for Tennessee Department of Transportation (Tennessee Department of Transportation Alternatives Program) and Resolution 2019-14 authorizing administrative services for Tennessee Department of Transportation (Tennessee Department of Transportation Multimodal Access Fund Program). (WLAF NEWS PUBLISHED – 10/02/2019-6AM)