Knox County taxpayers could be saving a total of $5.9 million if commissioners approve a proposed bond refinance.

Mayor Tim Burchett has proposed the he bond sale which amounts to a refinance of a portion of county debt. Knox County's high bond rating helps secure competitive interest rates int he bond market, according to the Mayor's Office.

If the commission approves it, the refinanced bonds are expected to go to market in November.

“Washington struggles to pass a budget, let alone a balanced one. Here in Knox County we’re not only paying down debt, but we’re also making it a priority to find efficiencies and opportunities to save taxpayers money,” Burchett said.

According to the Mayor's Office, if approved, Burchett and the Knox County Commission will have saved taxpayers more than $17 million in interest savings through similar refinancing opportunities since the Mayor took office in 2010.

"This sort of fiscally conservative, responsible financial management is too often missing from government," Burchett said.