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Johnson City schools to receive $533K from Sullivan Co. bonds

J. H. OSBORNE, Kingsport Times-News • Updated Mar 16, 2017 at 9:01 AM

BLOUNTVILLE — On March 31, Wells Fargo Bank will wire slightly more than $140 million to Sullivan County, Kingsport, Bristol and Johnson City, having won a six-way bidding competition for the county's issuance of that amount in bonds to fund school facilities projects for the three systems in the county.

The Sullivan County Commission approved the bond issue in December.

The county sought bids and received six repies. Opened March 8, they offered interest rates ranging from Wells Fargo's winning 3.605005 percent to Bank of Amercia Merrill Lynch's bid of 3.674057 percent, according to public records on file with the county's accounting office.

Closing is scheduled for March 28, to be followed by wire transfers of the proceeds to each entity on March 31.

Each school system's share is based on number of students served. Estimated percentages and proceeds are: Sullivan County Schools, 47.989 percent 9,329 students), about $67.19 million; Kingsport City Schools, 32.341 percent (6,287 students, not including 472 who live in the Hawkins County portion of the city), about $45.28 million; Bristol, Tenn., City Schools, 19.29 percent (3,750 students), about $27 million; and Johnson City Schools, .38 percent (74 students), about $533,000.

More on the numbers from the the Kingsport Times-News.

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