BONDS/DEBT MANAGEMENT

The City of Franklin periodically issues bonds to fund long-term capital projects. Recent bond issues have funded major projects like: the new McEwen Interchange, Liberty Park, Century Court Complex, improvements at South Royal Oaks, Jordan Road, and Downs Boulevard, creation of retention areas at Moore’s Lane & Franklin Road, conversion of City communication equipment to an 800-megahertz band, installation of wireless fidelity transmission equipment, and numerous improvements to recreation facilities. These improvements include: the expansion of Liberty Park, purchase of Harlinsdale Park and Battlefield Park, and additional equipment at many other facilities.

 

As of July 2006, the general obligation debt of the City was $46.7 million. Current debt levels, on a per capita basis, are below average for Tennessee cities. The City's annual debt service is approximately $5 million and is paid by a combination of property tax, sales tax proceeds, and other special revenues, including hotel taxes and road impact fees.

 

The City of Franklin has an investment-grade bond rating of AAA from Moody's, the highest attainable rating.