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Knoxville City Council Talks Loan Repayment
The Knoxville City Council is moving forward with their water meter project.

The Council obtained a loan in order to pay for the project and are now trying to figure out how to pay the loan back without raising residents water rates.

Treasurer Jim Whitney told to council his payment plan would rely on using money in the reserves.

"We have $800,000 in the regular operating maintenance fund and in the capitol improvement fund, which the idea of a capital improvement fund is reserves to take care of things that come up like going and buying the water meters. There's $522,000 in there. We've had some discussion around the table of taking part of that money and applying it towards that loan."

Whitney says from the look of things they could take about half of the money out of their water capitol improvement fund and even more out of the operating fund.

Using the money out of those two funds the City maybe able to avoid raising water rates.

Whitney also told Council members they would still have enough money left over in the water fund to cover any water emergencies that may come up.

The council's planning to vote on their payment options at the next meeting.
02 21 13 by Newsroom
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