File #: 19-0326    Version: 1 Name: Sole-source purchase of water meter transceiver State Debt Form CT 0253 for Lease with US Bank
Type: Item Approved on Behalf of the Board Status: Passed
File created: 3/28/2019 In control: Board of Mayor & Aldermen
On agenda: 4/9/2019 Final action: 4/9/2019
Title: Filing of the State of Tennessee Form CT-0253 Related to a Lease Agreement with US Bank for Leasing of Equipment (RES 2016-37).
Sponsors: Eric Stuckey, Kristine Brock
Attachments: 1. Report on Debt Obligation_Lease Agreement_US Bank 04.08.19_Executed

 

DATE:                                                               March 28, 2019

 

TO:                                          Board of Mayor and Aldermen

 

FROM:                                          Eric Stuckey, City Administrator

                                          Kristine Tallent, Assistant City Administrator / CFO

                                          

 

SUBJECT:                                          

title

Filing of the State of Tennessee Form CT-0253 Related to a Lease Agreement with US Bank for Leasing of Equipment (RES 2016-37).

body

 

Purpose

The amount of the lease is $2,250,000 at a rate of 1.2940%, with final principal and interest payment occurring in 2020.

 

Background

On July 12, 2016, the Board of Mayor and Aldermen approved Resolution 2016-37, A Resolution Approving an Additional Schedule of Equipment Under a Master Lease Agreement with US Bank for the Leasing of Equipment. The resolution authorizes the Mayor and the City Administrator to sign pertinent exhibits for the transaction.  One remaining document is the State of Tennessee Loan Form CT-0253, which is filed for all debt obligations of local Tennessee governments with the Comptroller’s Office, Division of State and Local Finance.

 

Financial Impact

There is no additional financial impact from filing CT-0253 with the Comptroller’s Office.