Knoxville, Tenn., delays sale of $40 million electric bonds, cuts size of wastewater bonds

By Sheri Kasprzak

New York, Dec. 8 - The city of Knoxville, Tenn., has indefinitely postponed its $40 million sale of series 2008Y electric system revenue bonds and drastically slashed the size of its series 2008 wastewater system revenue bonds, according to a supplement to a notice of sale released Monday.

The city had planned to price $75 million in series 2008 wastewater system revenue bonds on Tuesday but will instead sell only $45 million of the bonds.

The wastewater bonds are due 2011 to 2034, and proceeds will be used for construction, renovation, extension and improvements to the city's wastewater system.

The city has not rescheduled its sale of 2008Y electric system bonds, which are due 2011 to 2029.

Both series of bonds will be sold competitively with Morgan Keegan & Co. as the financial adviser.

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