The Blount Countian
last week quoted Allen Armstrong in an interview article that District 1 is burdened with a heavy debt load arising from new equipment purchases, amounting to a $98,000 annual payment, plus a large balloon payment next year. Mr. Armstrong said that information was not exactly correct. According to commission records, District 1 has made monthly payments this year that will total about $98,000 for the 12 months ending in November and will continue to make those monthly payments next year. The final balloon payment of $90,458 will come due in November of 2012. At that time, the District 1 commissioner may request that the equipment be declared surplus and sold to retire the debt, or he may request the commission to refinance the remaining amount and continue to make monthly payments.