City of Crossville - File #: 13-0276

• File #: 13-0276
• Version: 1
• Name: Resolution for $4M Loan Agreement
• Type: Resolution
• Status: Consent Agenda
• File created: 8/21/2013
• In control: City Council
• Final action: 4/28/2014
• Title: Resolution authorizing a loan pursuant to a Loan Agreement for an amount "not to exceed" $4,000,000 for downtown revitalization project
• Sponsors: City Clerk
• Indexes: Not applicable
• Related files: 13-0275, 13-0233, 17-0128

Date	Ver.	Action By	Action	Result
9/10/2013	1	City Council	tabled

Title

Resolution authorizing a loan pursuant to a Loan Agreement for an amount “not to exceed” $4,000,000 for downtown revitalization project

Body

SUMMARY:

Attached is a resolution authorizing a loan pursuant to a loan agreement between the City of Crossville and the Public Building Authority of the City of Clarksville in an amount “not to exceed” $4,000,000.  The resolution also authorizes the execution and delivery of the loan agreement and other related documents, approves the issuance of the bond, provides for the application of the proceeds of the loan and the payment of the indebtedness, and consents to the assignment of the obligation under the loan agreement.

BUDGET ACCOUNT:  Not applicable

Recommended Action

NECESSARY COUNCIL ACTION:  Approve loan resolution