When Knox City Council members met for their first meeting of the month, Clerk-Treasurer Jeff Houston provided them with some information about one bond term that’s almost up and another that’s just about to start.
Houston provided members with a financial report from the City’s financial advisors at Baker Tilly. He highlighted a few different details within the report, including the fact that the 2009 bonds will be officially paid off by January 10th, 2020.
Houston explained that the bond closing for the Municipal Sewer Works bonds was held on Monday, December 9th. The bonded amount comes in around $2.8 million.
He provided some information about the payments the City will need to make in the coming years in order to pay off the bonds for the Wastewater Treatment Plant upgrades.
Houston explained, “You’ll see that the first year, for example, is $208,000, we’ll make two payments; one in June and one December so that is our payments so you can get an idea of how much money we have to pay for when we’re paying off bonds.
The payments decrease each year and the payment schedule runs through 2039.
