Bond Issues - Historical Notes

Buildings - Memorials

1. Acts of 1907, Chapter 553, authorized a $50,000 bond issue to provide funds for constructing a new courthouse.  These bonds were to bear interest at an annual rate of 6% and were to mature within twenty years after their issuance.
2. Private Acts of 1945, Chapter 256, authorized a $300,000 bond issue for the purpose of constructing a new jail and/or workhouse.  Subject to voter approval, this bond issue would bear interest at 4% per annum and would mature within forty years.

Debts

1. Private Acts of 1931, Chapter 419, allowed Blount County to borrow money in an amount up to $25,000 and to issue warrants bearing interest at an annual rate of 6% for the repayment of this money, which was to be used for paying general county expenses.
2. Private Acts of 1939, Chapter 247, authorized a $200,000 bond issue, maturity date within twenty years, 4% interest rate, the proceeds from which were to be used for paying the outstanding indebtedness of the county.
3. Private Acts of 1959, Chapter 256, attempted to authorize a bond issue of $300,000 for the general re-assessment and re-evaluation of all property in Blount County subject to ad valorem taxes.  This act did not receive local approval and these bonds were never issued.

Refunding

1. Private Acts of 1931, Chapter 420, authorized Blount County to borrow money  (up to $25,000) and issue short term warrants with a 6% interest rate, for the purpose of refunding outstanding highway bonds which were due in 1931.
2. Private Acts of 1931, Extra Session, Chapter 65, allowed Blount County to refund certain outstanding interest-bearing warrants and to pay general county expenses for the depression year of 1931.  This act authorized the borrowing of money in an amount not larger than $50,000 for the repayment of which short term warrants were to be issued.

Roads

1. Acts of 1903, Chapter 9, authorized the county to issue bonds in an amount not exceeding $100,000, subject to voter approval, to be used for macadamizing a number of the county roads leading from Maryville.
2. Acts of 1909, Chapter 282, authorized the bond issue upon approval of a three-fifths majority of the quarterly county court of $300,000, to be used for improving the county roads.  These bonds, if issued, were to bear interest at an annual rate of 5% and were to mature in no less than ten years and no more than forty years.
3. Private Acts of 1911, Chapter 563, also provided for a bond issue to be used for improving county roads.  This issue was for $25,000 with maturity dates within twenty to forty years and an annual interest rate of 5%.  This act also specified the roads and amount of money to be spent on improving them--with $15,000 to be spent on the road beginning at the "Abrams Creek present iron bridge" and the remaining $10,000 to be spent on the road "leading from the depot of the Tennessee-Carolina Southern Railroad in Chilhowee near the Dave Smith farm, up what is known as Happy Valley."
4. Private Acts of 1919, Chapter 256, authorized a $400,000 bond issue, with an interest rate of 6% per annum and maturity dates within thirty years.  One-half of the proceeds from the sale of these bonds was to be spent on improving the paved road from Maryville to the Knox County line, and the remainder of the money was to be used for macadamizing other county roads, under the supervision of the good road commissioners, who were appointed by this act.  This was amended by Private Acts of 1919, Chapter 484, to give the commissioners the authority to designate the roads to be improved and by Private Acts of 1921, Chapter 430, to raise the salary of the good road commissioners to $4.00 per day, with the chairman of the commission to receive a per diem of $5.00.
5. Private Acts of 1921, Chapter 619, was a bond issue of $250,000 with an interest rate of 6%, to mature within thirty years, to be used for improving county roads.
6. Private Acts of 1935, Chapter 459, authorized the Blount County Quarterly Court to borrow money for buying and/or renting road machinery, and to issue warrants totaling not more than $5,000, for repayment of this money.
7. Private Acts of 1947, Chapter 115, was another act authorizing the county to borrow money and issue warrant for its repayment; this time the amount to be borrowed could not exceed $300,000, the warrants were to mature within ten years at an annual interest rate of 4% and the money was to be used to secure rights of way on state and federal aid roads being built in Blount County.
8. Private Acts of 1947, Chapter 116, authorized a $500,000 road bond issue, with a maximum interest rate of 4%, to mature within twenty-five years.
9. Private Acts of 1957, Chapter 237, was the last private act authorizing a road bond issue for Blount County; for $300,000 with a maximum interest rate of 5%.

Schools

1. Acts of 1909, Chapter 523, authorized a bond issue of $40,000 to be used to construct public school buildings.
2. Private Acts of 1923, Chapter 464, was a joint Maryville-Blount County bond issue of $75,000 to be used for constructing the "Central High School for Blount County."
3. Private Acts of 1925, Chapter 68, authorized a $200,000 bond issue (due by 1954 with an annual interest rate of 5%) to be used for the construction and equipment of Central High School.
4. Private Acts of 1933, Chapter 739, authorized Blount County to borrow money in an amount up to $75,000, and to issue short term warrants bearing interest at a rate of 6% per annum, for the purpose of refunding outstanding notes against the school system.
5. Private Acts of 1933, Chapter 865, authorized Blount County, through its quarterly county court, to borrow money and issue interest-bearing warrants not exceeding $75,000.00 for the purpose of providing funds for liquidating and paying any outstanding warrants or notes against the high school or elementary school funds of Blount County.
6. Private Acts of 1935, Chapter 686, authorized a bond issue of $500,000, 4% interest rate, maturity dates within fifty years, without a voter referendum, to be used for matching federal monies for acquiring lands, buildings, and equipment for the county schools.  This was amended by Private Acts of 1939, Chapter 306, to reduce the total amount of bonds to be issued to $125,000.
7. Private Acts of 1941, Chapter 9, validated a $200,000 bond issue for Blount County schools, dated January 1, 1941.
8. Private Acts of 1947, Chapter 128, authorized a $750,000 bond issue, for school purposes, with a maximum interest rate of 4% per annum and a maturity date within thirty years.
9. Private Acts of 1951, Chapter 647, authorized a $2,000,000 bond issue for school purposes, with a maximum interest rate of 3% per annum, subject to voter approval at a referendum.