The debt on the Carroll County 1,000 Acre Recreational Lake has been paid by the state to the Carroll County Watershed Authority, board members were informed at the Aug. 30 meeting by Recording Secretary Kim Carter. The Tennessee Wildlife Resource Agency now owns the lake and operates it.
Two checks were received that amounted to $11,053,900 for the payoff.
“It’s not all been finalized, but should be in a couple of weeks,” Carter said.
The Watershed Authority’s 2022 Fiscal Year end budget was completed with $6,875 in revenues over expenses.
The Fiscal Year 2023 Proposed Budget that passed includes some final operating expense and the state appropriation revenue and retirement of the debt.
The 2014 Refunding Bond is not callable until April 1, 2024. Regions Bank will serve as Escrow Agent and will invest in State and Local Government Securities (SLGs) until April 2024.
The Debt Service Fund, Revenue Fund, and Bond Fund accounts which were currently held with Regions Bank were transferred to the Regions Escrow Account.
The three notes withTennessee Municipal Bond Fund were paid off Aug. 29.Some final debt related expenditures are still outstanding at this time. A balance of $625,000 will be transferred to the Town of Huntingdon for repayment of prior year debt service transfers.
The $10 wheel tax that car owners have been paying on each individual car they own each year for the retirement of the lake debt will cease at the end of this year. However, the remaining wheel tax of $45 will still have to be paid each year.
The lake opened in March 2013 and provides fishing, swimming and boating. The lake is located west of Huntingdon off U.S. Highway 70 and Baker Road at Boyd’s Landing.
During the meeting the members acknowledged the loss of Watershed Board member and town mayor, Dale Kelley.
The board agreed he has left a lasting legacy in the Town of Huntingdon, Carroll County and the state of Tennessee.
“I think we can all agree that without Mayor Kelley’s persistence and determination, the Carroll County Thousand Acre Recreational Lake would have never become a reality,” the agenda’s notation said. “Through the numerous projects completed under his leadership and guidance, future generations of our community will continue to enjoy the fruits of his labor.”