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County planners vote to stop letters of credit

Published: 9:31 AM, 11/29/2012

Author: Nelson Morais
Source: The Newport Plain Talk

NEWPORT-The Cocke County Regional Planning Commission voted Tuesday, Nov. 27, to stop issuing letters of credit to developers in the county, but left open the possibility that in the future they might allow certified bonds to cover the building of roads in new developments.

At Tuesday's meeting, the commissioners voted unanimously to change the subdivision regulations to stop accepting letters of credit, or bonds, for developments.

After the vote, Commissioner Lee Willis said perhaps the commission could recommend the acceptance of bonds certified by bond developers, and which could perhaps be allowed to be renewed once during the term of the bond.

For more details, please see the Thursday edition of the Newport Plain Talk.

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