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July 1, 2008


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NEWS

Huntingdon Approves $10 Million Loan for Lake Construction

HUNTINGDON (June 24) Huntingdon Town Council voted unanimously to borrow up to $10 million for the construction of the 1000-acre recreational watershed lake in the Leach Community.

The lake is located approximately three miles from the municipal limits of Huntingdon on U.S. 70, also known as the Jackson Highway.

Construction may begin as early as September if funding and a unique proposal for tax revenues is approved. The town of Huntingdon agreed to serve as the conduit on the $10 million loan from the Tennessee Municipal League at a rate of 2.39 percent interest.

During a special meeting of the Carroll County Watershed Authority (CCWA) earlier in June, the authority's board agreed to seek the loan from the Tennessee Municipal League's Bond Fund and allow Huntingdon to serve as the conduit.

Huntingdon Mayor Dale Kelley said the loan could extend a maximum of 29 years. The town of Huntingdon will apply for the loan - using its full faith and credit - and serve as the flow-through for the loan proceeds from CCWA, which would pay the city and the city would pay TML.

Kelley said CCWA would repay a portion of the loan through the remaining $2 million in anticipated wheel tax receipts from vehicle owners in the county. A wheel tax of $10 is assessed annually per vehicle. The county has already collected over $1 million in wheel tax receipts. Those funds have been used to pay for land acquisition and engineering fees. The remaining amount would be paid from anticipated state and federal grants, and through a proposal, which asks the county of Carroll and the Huntingdon Special School District to forego property tax revenues on any new real estate development or improvement in the lake development area until the debt is retired. The county and school district would continue to collect taxes on any existing developments.

Earlier this month, the Huntingdon Special School District Board of Education rejected the plan to forego future revenues from growth in the lake development district. The Carroll County Commission is expected to address the issue in the July 14 meeting.

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July 1, 2008