A package deal: Note for Senior Center and Sessions Court ok’d
County Commission approved a resolution for $1.4M capital outlay note for a new senior center and Oak Ridge General Sessions Division II court (DARC building) last week.
It is a package deal, county officials say, because it pays for expenses associated with the purchase price of the building and property at 205 Main Street in downtown Clinton for the senior center, and renovations to a county-owned building on Emory Valley Road in Oak Ridge for the Oak Ridge General Sessions Division II Court.
The deal is a $1.4 million capital outlay note — and it was approved by Anderson County commission at their regular monthly commission meeting on May 15.
Commission voted unanimously to approve a resolution authorizing the county to issue an interest bearing capital outlay note--in this case one not to exceed $1.4 million to provide funds to finance municipal projects. Projects included in this note are the Farley building for the senior center relocation and the Oak Ridge General Sessions Court Division II renovations.
The vote was 14 to 0 to approve. Commissioners Chuck Fritts (Dist. 1) and Mark Alderson (Dist. 2) were absent.
Anderson County Finance Director Natalie Erb apprised commissioners at the May 15 commissioner’s meeting during a financial committee report how the money will be used.
“$600,000 is going towards the purchase of the senior center real estate, $500,000 for the Oak Ridge General Session Court Division II renovations, and $300,000 for the capital projects that are going to be part of the capital projects for next year’s operating budget,” said Erb.
Regions Bank, BB and T, and Tennessee Municipal Bond Fund sent out competitive bids to the county for the capital outlay note, with Regions Bank coming in with the lowest bid, Erb said.
“Regions Bank had the best bid with an interest rate for 12 years at 2.35 percent. Over the 12-year note, it’s $135,000 with principal and interest,” Erb said.
The remaining $300,000 for capital projects will go towards projects such as roofing and air conditioning repairs, said Commissioner Myron Iwanski (Dist. 8).
“This is for longer-term capital projects that we know we have a need for,” he explained.
