Earlier this month, Fitch and Moody’s Investor Services, two of the country’s major bond rating agencies, reaffirmed the state’s AAA credit rating, which is the highest available. Standard and Poor’s, the third major rating agency, reaffirmed the state’s AA+ rating, which is the second highest rating available. The state’s high ratings reflect its debt level, which is one of the lowest in the country.

Proceeds from the bond sale will be used to finance numerous projects throughout the state, including economic development grants for Volkswagen in Chattanooga, Wacker Chemie in Bradley County, Hemlock Semiconductor in Clarksville and Electrolux in Memphis. Those projects are expected to create 4,650 permanent jobs, plus thousands more in construction and related industries.

The bond proceeds will also pay for improvements to many state-owned buildings and properties, including a new driver license center in Memphis, renovations to the Supreme Court Building and other state office buildings in Nashville, a prison in Bledsoe County, a new library for the University of Tennessee-Chattanooga campus and infrastructure improvements to a research building on the Cherokee campus of the University of Tennessee-Knoxville.

The state also sold bonds to refinance some of its existing debt – which will save taxpayers approximately $5,559,000 million in interest payments over time.

None of the bond proceeds will be used to cover the state’s operating expenses or balance the budget.

“Our bond sale went extraordinarily well,” Comptroller Justin P. Wilson said. “Bonds were sold to a variety of investors including $35,000,000 to individual investors. For one category of bonds, we had nearly four times as many orders from investors as we were able to fill. This sale will help pay for four high profile economic development projects that will bring badly-needed jobs to our state, as well as other necessary improvements to our state’s infrastructure. Also, I believe taxpayers should be pleased that we were able to achieve a savings of about $5,559,000 million by refinancing part of our debt. We will continue to look for other opportunities to refinance more debt when market conditions are favorable for that.”

TN Secretary of State Tre Hargett

In an effort to provide a more user-friendly accessible site, Secretary of State Tre Hargett, has announced the unveiling of a restructured State Department website.  The first phase of the updated website will be available for the public to preview by the close of business on Tuesday, March 3, with final changes scheduled for completion by the end of the month.  The initial update includes a redesigned homepage and redesigned home pages for each State Department division with a web presence.

“I am pleased to announce the unveiling of the State Department’s restructured, updated website,” stated Secretary Hargett. “These changes will offer a much easier way to conduct business with state government and hopefully provide easier access to information and generally a more positive experience in navigating the site.” 
Last year, the State Department’s website had 2.5 million visits and averaged 10,000 visits per day.  The site serves as an online resource for several of the State Department’s functions including administrative hearings, business services, charitable fundraising, elections, the library and archives as well as publications.  The updated website will feature several additions including links for News & Updates, Frequently Asked Questions, as well as new links for business filing forms and other tools designed to encourage website usability.

“The State Department’s web presences is one of the main channels of contact between individuals and the state,” said Secretary Hargett. “It is crucial that the most current information and resources are made available in an accessible manner to ensure a constructive, working relationship between the state and its citizens.”

The Tennessee Department of State’s website can be found at www.state.tn.us/sos.

To comment on the changes or provide feedback, email Secretary Hargett at sos.redesign@state.tn.us. The website is set to launch March 3, 2009.

The event is sponsored by  the 16th annual Photo Showcase and Dr. and Mrs. Danny Kimberlin, and is funded under an agreement with the State of Tennessee.

Applications will be available at the following locations:

• Paris-Henry County Arts Council (Paris City Hall Building)
• W.G. Rhea Library (400 W. Washington Street)
• Paris-Henry County Chamber of Commerce (2508 E. Wood Street)
• Office of Dr. Danny Kimberlin (300 Hospital Circle)

Application deadline is Monday, February 16.

For more information, call (731) 642-3955 or visit our website:

www.phcarts.com