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The Knoxville School Board met in regular session last night. At the meeting the board approved the sale of more than $3 million in bonds to Hutchinson, Shockey, Erley and Co. out of Chicago, IL at a rate of 4.08%, ratified the 2011-2012 Master Contract with the Knoxville Education Association at a $100 increase in generator pay for teacher salaries, approved teachers for the upcoming school year and reviewed the quarterly athletic fund budget which is under the expenditure budget.