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Knoxville School District Borrows Against Sales Tax Revenue For Construction Projects

Posted: Friday, April 29th, 2011 at 6:28 am
Author: KNIA/KRLS News-Samantha Smith

The Knoxville School District received five bids for the sale of bonds this week thanks to their A+ rating. As previously reported by KNIA/KRLS news the Board of Education approved sale of just over $3 million in bonds to help pay for a variety of construction projects throughout the district. The bonds were sold to Hutchinson, Shockey, Erley and Co. out of Chicago, IL at a rate of 4.08%. Travis Squires from Piper Jaffray, the firm who handled the sale of the bonds, says this is the lowest interest rate he has seen in recent weeks. Superintendent Dr. Randy Flack says the perfect bond rating and the fact that the bonds are bank certified helped them secure three solid and close bids.