Overton County’s proposed budget includes funding that would pay off a loan used to build the Millard V. Oakley County Services Building.
County Executive Ben Danner said if the budget is approved Monday night, the county would have paid off a 12-year note in just two years.
“We’re collecting over $2.5 million in sales tax every year, so that’s what is helping keep it off the property taxes,” Danner said. “We’ve also had a lot of people move in and the tax penny itself has grown, so we’ve been able to use that extra money that has came in to pay on debt.”
Danner said paying off the $3.4 million loan will save the county $373,000 in interest. Danner said the final payment is included in the debt service fund in the proposed budget.
“I wanted it on a 12-year note, so it wouldn’t be a long, drawn out process,” Danner said. “And we’ve got some other debt paid down, so we’ve been paying extra on it.”
Danner said after it passes, he will write the check to pay off the loan. Danner said the county plans to host a note burning to celebrate the achievement.
“I’ll announce that when we get to do it,” Danner said. “To me it’s really exciting for Overton County, because I don’t think we’ve ever had a note burning and I don’t know if we’ve ever really paid off a county building.
Millard Vaughn Oakley donated $2 million and the land for the project.