Agenda

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Other Business

3.a.

Brentwood City Commission Agenda

Meeting Date:	02/27/2023
Presentation of Report on Recent Debt Funding Obligation (State Form CT-0253)
Submitted by:	Holly Earls, Administration
Department:	Administration

Information

Subject

Presentation of Report on Recent Debt Funding Obligation (State Form CT-0253)

Background

The City just completed a successful competitive bond issue to partially fund the Ragsdale Road project, Windy Hill Park development and the citywide LED streetlight retrofit project. A total of six electronic bids were received for the new money bond issue. The lowest and best bid was submitted by Robert W. Baird & Co. Inc. with a true interest cost of 3.367099%.

As a follow-up to the bond closing, the City is required to complete and submit to the State of Tennessee the attached "Report on Debt Obligations" (State Form No. CT-0253) for each of the two bond issues. State law requires that these forms be presented to the City Commission at a public meeting prior to submission to the State. Note that all report information has been previously covered with the Board.

If you have any questions regarding the attached form, please contact the Finance Director.

Staff Recommendation

N/A - No formal action by the City Commission is required. This report is for informational purposes only as required by the Tennessee Comptroller.

Previous Commission Action

Resolution 2022-130 and Resolution 2022-131, authorizing the issuance of not to exceed $8,000,000 in general obligation public improvement bonds, was approved by the City Commission on November 28, 2022.

Fiscal Impact

Attachments
CT-0253