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1.a.

Brentwood City Commission Agenda

Meeting Date:	03/26/2018
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 $1.75 million Capital Outlay Note issuance, the second of two notes totaling $3.5 million authorized by the City Commission on January 22, 2018. Two bids were received for the note issue, which will provide funding for the ongoing Sunset Road/Ragsdale Road intersection project. The lowest and best bid was submitted by First Tennessee Bank with a true interest cost of 3.24%. This bid is eligible for prepayment any time at the City's discretion.

As a follow-up to the 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). State law requires that the form be presented to the City Commission at a public meeting prior to submission to the State. Note that all of the 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 2018-08, authorizing the issuance of not to exceed $3,500,000 in general obligation capital outlay notes, was approved by the City Commission on January 22, 2018.

Fiscal Impact

Amount :
Source of Funds:
Account Number:

Fiscal Impact:

N/A - a regulatory filing report

Attachments
State Form CT-0253