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Brentwood City Commission Agenda

Meeting Date:	05/26/2020
Presentation of Report on Recent Debt Funding Obligation (State Form CT-0253)
Submitted by:	Kristen Corn, Legal
Department:	Legal

Information

Subject

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

Background

As you may remember, the City Commission approved the issuance of a $2,600,000 capital outlay note for the second half of the purchase price for the Windy Hill Park property. This note, which was issued in lieu of a promissory note based on bond counsel guidance, was issued upon the closing of the property on Wednesday, May 20, 2020.

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. There were no expenses associated with issuance of this capital outlay note.

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 2020-22 authorizing the issuance of not to exceed $2,600,000 in capital outlay notes, was approved by the City Commission on March 9, 2020.

Fiscal Impact

Amount :
Source of Funds:
Account Number:

Fiscal Impact:

N/A - This is a regulatory filing report

Attachments
CT-0253
Signed CT-0253