Title
Approval of initial resolution authorizing the incurrence of indebtedness by the City of Crossville, Tennessee, of not to exceed $3,750,000
Body
SUMMARY:
As discussed during budget meetings, the City Manager is recommending a $3,750,000 to refund the 2005 bonds for Catoosa. Their current interest rate is over 3%, but going to 3.5%-4% in the next few years. The new loan is a 1.05% variable through the TML Bond Fund. If Council approves of this financing method, an Initial Resolution needs to be passed. It should save about $400,000, but the length of the loan (14 years) will remain the same.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: Approve Initial Resolution