Image: Hamilton County Mayor Weston Wamp speaking; seated: Chattanooga Mayor Tim Kelly Image Credit: Hamilton County Mayor’s Office / Facebook
The Tennessee Conservative Staff –
Officials say Hamilton County’s debt will hit more than half a billion dollars by the end of the year.
The county will owe approximately $503 million, according to Finance Administrator Lee Brouner, after the county had $260 million worth of bonds priced on August 27.
The bonds are set to close on September 12 with an estimated interest payout of $112 million.
The county says the profit will be used for a number of maintenance issues that had been put off, as well as the construction of new county schools.
Despite the amount of the debt, Hamilton County Mayor Weston Wamp says the county is actually at a good place financially and it is “time to take bold action” towards making improvements.
The $260 million is slated to be used in some part towards the following, although Wamp and Superintendent of Schools Justin Robertson say the list could be modified:
Brainerd/Dalewood to 6-12 $25 million to $30 million
Clifton Hills Elementary $10 million to $20 million
Deferred maintenance $60 million
Gateway $40 million
General government projects $10 million
Hamilton County Water and Wastewater Treatment Authority $10 million
New North River Elementary $42 million
Recreation investments $5 million
School contingencies and other projects $10 million to $20 million
Soddy Daisy Middle $25 million to $30 million
Thrasher Elementary $5 million
WWTA will be paying back their portion of the debt. The $10 million allotted to them was wrapped into the county’s debt because the county could borrow money at a cheaper rate than the WWTA could.
One Response
Great article! Call out the counties wasting money.
Williamson has proposed an additional $343 million, which will increase the debt to over $1.5 Billion – the 2nd highest in TN.
I’m told that includes money for HVAC repairs. Yep, long-term debt for HVAC repairs. That would be like someone having to take out a bank loan to get their HVAC fixed. And they want to build the most expensive Jail ever built in TN. The new promotion will be > “We have the 2nd highest debt and the most expensive Jail in TN.” 2 things to brag about!!!