City of Crossville - File #: 15-0330

• File #: 15-0330
• Version: 1
• Name: Loan Resolution $2M
• Type: Resolution
• Status: Passed
• File created: 7/31/2015
• In control: City Council
• On agenda: 8/13/2015
• Final action: 8/13/2015
• Title: Resolution authorizing a loan agreement for an amount not to exceed $2,000,000
• Sponsors: City Clerk, Finance Department
• Related files: 15-0329

Date	Ver.	Action By	Action	Result
8/13/2015	1	City Council	approved as recommended
8/6/2015	1	Work Session	received and filed

Title

Resolution authorizing a loan agreement for an amount not to exceed $2,000,000

Body

SUMMARY:

The loan agreement will be through the Public Building Authority of the City of Clarksville, Tennessee in a principal amount not to exceed $2,000,000 for the street paving and parks improvements.  This PBA is the entity used by the Tennessee Municipal Bond Fund for their financing.  The loan agreement is for a term of 12 years at a variable interest rate.

BUDGET ACCOUNT:

Recommended Action

NECESSARY COUNCIL ACTION:  Approve resolution.