CLARKSVILLE, TN (CLARKSVILLE NOW) – The City of Clarksville recently borrowed and repaid $11.5 million from the water fund for a short-term need related to the city’s capital projects.
In response to questions from Clarksville Now, the city said the loan was necessary due to a 4- to 5-month bond issuance process. They sold the bonds on Oct. 14, and paid back the water fund the $11.5 million, plus more than $47,000 of interest, on Oct. 15.
When asked why they had to borrow the $11.5 million from the water fund in the first place, City CFO Christen Wilcox said while capital projects were approved in previous budgets, the city strives to be good stewards of taxpayer funding and not borrow money until the project is completed…