Rhea County Commissioner Bill HollinBy Tom Davis, Correspondent
DAYTON, Tenn. — Rhea County commissioners were warned this week that the financial assumptions behind a planned $35 million bond issue to pay for a new high school are based on “perfect-world scenarios that are not going to take place.”
Steve Randolph, a certified public accountant with 44 years experience in county, city and school finances, encouraged commissioners to re-examine plans for the bonds. Randolph, also a Dayton City Council member, said he was not speaking as a councilman but as an accountant who has examined the documents and been contacted by concerned county residents.
“I’d urge you to look at concrete information,” not what has been described as conservative projections, he said.
Randolph told commissioners during their workshop session Tuesday that he questions the projected 4.3 percent interest rate and said that, based on current conditions, he expects the rate to “exceed 5 percent.”