DATE: March 28, 2019
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator / CFO
SUBJECT:
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Filing of the State of Tennessee Form CT-0253 Related to a Lease Agreement with US Bank for Leasing of Equipment (RES 2016-37).
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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.