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Nation/Local ◆ A5

Friday, May 28, 2010 ◆ The Mountain Press

NEW YORK (AP) — Stocks had another turnaround Thursday and rocketed higher after China reassured investors it doesn’t plan to sell the European debt it holds. The Dow Jones industrial average surged nearly 285 points. Treasury prices tumbled as traders funneled money into riskier assets like stocks and commodities. China’s show of confidence in Europe let the market resume a rally that stalled late Wednesday following a report that the Chinese government was considering cutting its European debt holdings. If that were true, such a move would have signaled that China didn’t think Europe would be able to contain its debt crisis. The agency that manages China’s $2.5 trillion in foreign reserves denied the report. Analysts also said some bounce has been expected after the slide that drove the Dow down 11 percent from its 2010 peak a month ago. Traders cautioned that this might not be a rally but merely a break in selling.

Senate panel votes to repeal military gay ban; House next WASHINGTON (AP) — A Senate committee on Thursday took a first step toward ending the policy that allows gays to serve in the military only if they don’t disclose their sexual orientation. In a 16-12 vote, the Senate Armed Services Committee approved a provision to repeal the 1993 “don’t ask, don’t tell” policy. The full House was expected to take up the identical amendment late Thursday and opposition is fierce, particularly among Republicans who cited letters from military service chiefs urging Congress to hold off on the legislation until the Pentagon completes a study of the impact on military life and readiness.

Editor’s Note: The following information was taken from the intake reports at the Sevier County Jail. All people listed within this report are presumed innocent unless proven guilty in a court of law. u Tonya Monday Acor, 39, of 4438 Bruce Ogle Way in Pigeon Forge, was charged May 26 with driving while revoked, seat belt law and financial responsibility law. She was released. u Olga Lydia Alvarez, 47, of 684 Cartertown Road in Gatlinburg, was charged May 27 with a second count of violation of probation. She was being held in lieu of $1,000 bond. u Michael Lee Arp, 43, of Union County, Tenn., was charged May 26 with driving on a suspended license,

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state still collects the sales tax and pays the funds to the city once a year, meaning city officials have to estimate the revenuesup until the state makes the payments. “It’s really difficult to know what’s going to happen until the state makes that payment,” he said. Sales tax revenue statewide had been lower than expected, but between the refinancing and the strength of the local market, the city is collecting a stable amount of revenue, he said. The city also planned ahead by making sure construction of the Bass Pro Outdoor Worlds store was finished before it started drawing the funds. The store is an important source of sales tax revenue within the district, and the city planned its early projections around the money it expected to get from the store. The facility has actually exceeded expectations; officials have said it is among the top selling stores of its size in the chain. The revenue from the golf course and Events Center have not caught up to expenses, but Hendrix

has said they are moving in that direction. City officials are also quick to point out the Events Center in particular is creating new revenue to the city by adding new events that hadn’t been coming to Sevierville and drawing new tourists to the area. So far, the PBA has paid $67 million for the Events Center, and it had paid or is committed to pay $34 million total for the expansion of Eagles Landing Golf Course. That’s almost half the total of $200 million for those projects, and two thirds of the $150 million the city has drawn so far. The cost of the golf course includes the purchase of the original property from the city. Hendrix noted that has created a savings of about $375,000 from the year it was purchased and stretching out the following 10 years because the city doesn’t have to pay the remaining debt service for the initial acquisition. Hendrix has reduced the scale of some plans for the course since taking over, but acknowledged it’s costing more than anticipated. In the meantime, the city is also still working toward several of the road improvement projects that were promised as part of the plan for the district. Officials have consid-

ARRESTS speeding and financial responsibility law. He was released on $2,500 bond. u Elisabeth M. Burgess, 23, of 1123 Blue Bonnet #25 in Sevierville, was charged May 26 with possession of a schedule III substance. She was released on $1,000 bond. u Xavier A. Jackson, 19, of Oak Ridge, was charged May 27 with unlawful possession of a weapon and aggravated assault. He was being held in lieu of $10,000 bond. u Kevin James Jones, 23, of 1529 School Gap Road in Sevierville, was charged May 27 with two counts of unlawful possession of a weapon and aggravated assault. He was being held in lieu of $15,000 bond. u David Allen Julian, 36, of 334 Baskins Creek Road in Gatlinburg, was charged

May 27 with violation of pretrial release bond conditions. He was being held in lieu of $10,000 bond. u Scott David Langston, 39, of Knoxville, was charged May 27 with contempt of court. He was being held. u Mervin Frances Lyndall, 50, of 1477 Jasmine Trail in Sevierville, was charged May 27 with theft. He was being held. u Mary Alice Medley, 50, of 639 Johnson Road in Kodak, was charged May 26 with failure to report an accident. She was released on $1,500 bond. u Isaac Lee Metcalf, 25, of 2319 Webb Road in Sevierville, was charged May 26 with a second count of violation of probation. He was released on $1,000 bond. u Bruce Ogle III, 36, of 4438 Bruce Ogle Way in Pigeon

Forge, was charged May 26 with driving while revoked and violation of probation. He was released. u Blaire L. Passard, 18, of 500 Railroad St. in Sevierville, was charged May 27 with unlawful possession of a weapon and aggravated assault. He was being held in lieu of $10,000 bond. u James Franklin Puckett, 24, of 2167 Dark Hollow Road in Cosby, was charged May 27 with theft of property. He was released. u Andrew Earl Rochelle, 24, of 113 Almond Road in Cosby, was charged May 27 with public intoxication. He was being held in lieu of $250 bond. u Allison Erin Vaughn, 28, of Knoxville, was charged May 26 with theft of property worth $500 to $1,000. She was released on $1,000 bond.

ered a number of options for working on the extension of Veterans Boulevard, but have decided to focus on finishing the next leg, which would take it over Dolly Parton Parkway and across the Little Pigeon River, opening a new access to Robert Henderson Road. They had originally planned on paying for the design, but decided that it benefited the city more to complete the new section and relieve traffic on Dolly Parton Parkway. “That section will provide immediate benefit to the community,” Hendrix said. Hendrix said they plan to wait to draw the last funds available from the state. Until they draw the funds out, they don’t have to start paying interest on them, and their hope is that work will start on more commercial projects and that the market overall will improve in the meantime.

They also hope it will give the developers the chance to set up special assessment districts, which would allow the developers to draw on additional funds for their own infrastructure improvements and pay for them through assessments on tenants. The city is hoping the developers will use some of that money on joint projects within the district. Hendrix acknowledged that some people within the city have become impatient to see the promised infrastructure improvements, but he said they needed to proceed first with the projects expected to draw money. “If you build Veterans Boulevard first, it doesn’t pay the bills right away,” he said. By attracting new visitors to the area with the Events Center, they have helped to increase sales tax revenues, he noted. n jfarrell@themountainpress.com

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China confidence in Europe spurs rebound on Wall Street

Friday, May 28, 2010  

The Mountain Press for Friday, May 28, 2010

Friday, May 28, 2010  

The Mountain Press for Friday, May 28, 2010

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