Hamilton County issues bonds at record low rates to fund new schools, industrial park

Staff Photo by Matt Hamilton / Hamilton County mayor Jim Coppinger

Hamilton County government, which is alone among Tennessee's 95 counties in having the top rating from all major bond rating agencies, issued $74 million in bonds Tuesday at the county's lowest rate ever for 15-year notes.

With investors wary about the potential impact of the new omicron coronavirus variant, the county's relatively secure tax-exempt bonds on Tuesday attracted bids from 13 agencies eager for safe, albeit historically low, rates of return on their money. Stanley Morgan submitted the winning bid of 1.355% for Hamilton County's bonds, a full 10 basis points below what the county issued in a similar $62 million bond issue a year ago.

The lower interest charges will save the county about $75,000 a year in interest expenses, according to Hamilton County Finance Administrator Lee Brouner.

"We were very pleased with the results," Brouner said after the debt issue Tuesday.