City of Jackson approves $9M loan for several projects

There is this theory that governments borrow to do the things that your taxes are supposed to do and use the tax dollars to support their re-elections. Wonder if that is true!

The Jackson Sun

The Jackson City Council unanimously approved a resolution for a $9 million loan from the Public Building Authority of the City of Clarksville to fund several city projects Tuesday morning at City Hall.

Jackson Mayor Jerry Gist said the city will use the loan to resurface city streets, improve the city’s equipment and pay for the new $3.5 million Jackson City Court building.

“About $4.5 to $5 million of it will be resurfacing city streets, which they need desperately after all the snow and ice we’ve had,” Gist said. “Some will be used for equipment for the city, mowing equipment, groundskeeping, tractors and blades for other departments.”

 The $9 million loan will not be used until the 2018-19 fiscal year, and since the city is paying $9 million off its debt this fiscal year it will essentially cancel itself out, Gist said. 

“Our bond and debtedness will remain the same,” he said.

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