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Clarksburg completes refinancing of latest sewer debt

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At the meeting on the night of Jan. 25, Clarksburg’s Mayor and Aldermen finalized the details of refinancing a portion of its sewer debt.  The formal resolution, which was passed unanimously, authorizes the Tennessee Municipal Bond Fund (TMBF) to complete the necessary transactions with lending agencies.  Mayor Howell Wayne Todd said the refinancing would reduce interest payments by 57%.

 “The City’s portion of the 2017 sewer project on Yuma Road was $57,000 and financed at a rate of 4.95%,” said the mayor. “Our interest payment on the balance was $2,456 this year.  The new rate will be 2.15%, and the savings will really help our bottom line in the sewer fund.”   

Commenting on the City’s overall sewer operation, Todd noted the town will have to be very alert to every opportunity that comes along in order to manage the debt responsibly.   TMBF is working with Carroll Bank & Trust to complete the process prior to March 1.

The 2019-20 financial audit was reviewed and accepted.  Todd noted that the city’s overall financial condition was good with a $22,109 increase in the General Fund balance during the year. The ending General Fund balance June 30 was $322,298. 

“I really don’t like audit findings, but we will continue to have a finding in the sewer account for a few years to come,” Todd said.  “We had to loan the sewer fund $15,000 during 2018-19 in order to meet our obligations.  We knew we would create an audit finding, but we had no choice. The finding will go away when the sewer fund is able to restore the funds to the City’s General Fund”.

The December financial reports were also reviewed and approved.

Todd noted that the property at 165 Chumney Lane had been cleaned up and the dilapidated trailer removed.  He also said the annual Valentine Breakfast would not be held this year due to COVID. 

“This breakfast has been a very important part of Clarksburg’s culture for years, and it is so sad that we have to cancel it,” said Todd. “We just cannot afford to create a situation where the infection is easily transmitted.”

The next regular meeting of the Mayor and Board of Aldermen is Monday, February 22.

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