[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6714517,"mediaKeyId","5070479-1881c0abe06b6f77b832830e93da30bc","parentId",5070479,"title","Votes at a glance: State Funding Board approves bond, policy and loan items on June 23, 2025","audioSeconds",332,"startMs",1180549,"endMs",848040,"viewUrl","/Search/View?dp=1&key=5070479-1881c0abe06b6f77b832830e93da30bc&start=1180&end=848","thumbnailUrl","https://assets.pipeline.soar.com/5070479-1881c0abe06b6f77b832830e93da30bc/thumbnail_1180549.jpg","articleUrl","/articles/6714517/Tennessee/Votes-at-a-glance-State-Funding-Board-approves-bond-policy-and-loan-items-on-June-23-2025","mediaUrl","https://secure.pipeline.soar.com/6714517-585368282a83e113d6ad14201a09e02a/orig.mp4?Expires=1775763340&Signature=hsXBiXSz~Ek~0DKMsKtee82RwRBWHK3YYEB6n8u77tcc-Y49ZCU8Q1dgLwUr5F8xSjFNC9aRqKu1p64LQwX5Sff482ofQvSvQgPLdd2S~BnChn4uF6Y4wMCP3eXqJZFE~YwieDNJd1O4G9FvzKE2BNalGn5atLC0X0LQqbY9FPczn6p1D1m5uarGx1OCBesNKFk3sPZwZekwQH5YrzE0kXlJv9nMRWFvtfcvuvqqt9G09beT-uNoJ5nTaLOYGL6QWdxx8gGf3PBaaBsP1RR9j4lsD1-cnGZDeNWI6gDKqUyyb~N32f6V9x9xdI8gqX9K6yEAqo3CUWYwyWzV-D4dGw__&Key-Pair-Id=KUT5TJCACFTXG","author","Comptroller of the Treasury","date","2025-06-23T21:28:40Z","article","The Tennessee State Funding Board on June 23 approved a series of resolutions, updates and administrative items by voice vote. The meeting record shows motions, seconds and unanimous \"aye\" voice votes for each item; the transcript does not include roll-call tallies.

Key approvals and actions recorded in the meeting materials and approved by the board:

• Cancellation of authorized bonds for the University of Memphis: The board approved a resolution canceling $154,564 of authorized bonds related to a University of Memphis property purchase that had been funded through the state's commercial paper program. Sandy Thompson described that the university has repaid the borrowing and the cancellation is effective June 23, 2025.

• Certification of special revenues (TCA 9-9-104(b)): The board approved a resolution certifying that special tax revenues pledged for debt service meet the statutory requirements: all payments due under statute have been made, the state is not in default of outstanding debt, and pledged fees and taxes are expected to be sufficient for the upcoming fiscal year. Sandy Thompson presented the item and the materials in the board packet included a memo from the commissioner of finance and administration.

• Acceptance/reciprocal affirmation regarding TCRS standby commercial paper purchase agreement: The board accepted a letter from the chief investment officer of the Tennessee Consolidated Retirement System (TCRS) affirming TCRS does not plan to terminate its standby purchaser contract prior to July 1, 2026, and authorized the comptroller to send a reciprocal letter affirming the board’s intent not to terminate the contract prior to that date.

• Budget manual update for local governments: The board approved updates to the Comptroller's budget manual to add an online budget submission process, examples of conditional budget approvals and new financial health metrics for utilities and for cities that do not levy property tax.

• Debt manual and guideline updates to implement public chapters: The board approved updates to the debt manual to reflect changes required to implement public chapter 17 and public chapter 218, including authorizing emergency utility cash-flow revenue anticipation notes, procedures for heightened-risk debt approvals and a requirement that certain defaults, covenant violations and credit-rating downgrades be reported. The board also approved removal of a previously issued blanket waiver (the Anti Kicking the Can Act waiver) effective July 1, 2025, because public chapter 17 implements the needed statutory changes.

• FEMA notes for disaster cleanup: The Division of Local Government Finance recommended, and the board approved, two FEMA interfund loans: McNairy County received a $500,000 highway-fund interfund loan for tornado cleanup and the Town of Erwin received a $3,000,000 loan for flood cleanup. Both notes have a stated maturity of June 30, 2027.

• Debt management policy review: The board approved the annual review of the State Funding Board’s debt management policy; staff reported only non-substantive changes.

• Revised declaration of trust for OPEB — West Knox Utility District: The board approved a revised OPEB declaration of trust that replaces named trustees with position titles to reflect personnel changes; the Attorney General’s office reviewed the revisions.

• Approval of minutes from the May 19, 2025 meeting and adjournment were also recorded as approved by voice vote.

The transcript records voice approvals for these items; where the record lacks a roll-call, the articles note that votes were by voice and that no roll-call tallies are included in the transcript.","mediaType","Video","parentTitle","State Funding Board - 6/23/2025","oneSentenceSummary","The Tennessee State Funding Board approved a package of bond, policy and administrative items by voice vote on June 23, 2025, including a bond cancellation for the University of Memphis, certifications under TCA 9-9-104(b), manual updates tied to recent public chapters, FEMA notes and other administrative matters.","taxTitle","Comptroller of the Treasury, Agencies, Boards, Commissions, and Councils, Organizations, Executive, Tennessee","taxId",16844,"location","Tennessee","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6714524,"THDA wins approval to seek up to $550 million in mortgage revenue bonds for first-time homebuyer loans",106,499870,606850,"/Search/View?dp=1&key=5070479-1881c0abe06b6f77b832830e93da30bc&start=499&end=606","https://assets.pipeline.soar.com/5070479-1881c0abe06b6f77b832830e93da30bc/thumbnail_499870.jpg","/articles/6714524/Tennessee/THDA-wins-approval-to-seek-up-to-550-million-in-mortgage-revenue-bonds-for-first-time-homebuyer-loans","https://secure.pipeline.soar.com/6714524-c9c3ffa5e1cbc6e57bb7c20a56620ccb/orig.mp4?Expires=1775763340&Signature=TDmBTxD45hjXd9cciy1gNkTotiJ1FldZ1S1jPnBNNDNjrU6pq-I9njylKgqkpCcUoa6Ou1aWpwlKzWq2qvaYuMLzNJ0UWnzDb-Wox8ghWm0TtiQ9ZtrfOKJwa8IP~hS1i6lZKQEesGXDJAZVUHbAypWgemJDXgQU9BekZWb-q5PwxAj9OBorpC~OzViPnJ3fCX9cvg~QwMb3rEVogx7iVgKKrQZLI1OGcaTd7qLyWEggFwHtPN7FzOA4cpcGWZLV6sdtJTzevDnjM-ZAFOGmJOateRrJSY3BY89M5lkPhjArZX8dVs~-a4YurAWo9RPWeWH273bo6yqd~h-0lAvKcA__&Key-Pair-Id=KUT5TJCACFTXG","Michelle Bosch, chief financial officer for the Tennessee Housing Development Agency, asked the State Funding Board on June 23 to approve THDA's fiscal-year 2026 schedule of financing in an amount not to exceed $550 million.

Bosch said the $550 million maximum would be used to fund mortgages for first-time homebuyers through two mortgage revenue bond financings, with one issuance planned for late fall and a second planned for late winter or early spring of fiscal 2026.

Members moved, seconded and approved the request by voice vote. The meeting transcript records the motion, second and an affirmative voice vote but does not record a roll-call tally in the transcript.

THDA staff said the financing will support mortgage programs targeted at first-time homebuyers; no further underwriting or program details were presented during the board meeting.","The Tennessee Housing Development Agency asked the State Funding Board to approve a financing schedule not to exceed $550 million to fund mortgage programs for first-time homebuyers; the board approved the request by voice vote.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6714528,"State approves three fast-track grants to manufacturers in Bradford and Morristown",272,217340,489350,"/Search/View?dp=1&key=5070479-1881c0abe06b6f77b832830e93da30bc&start=217&end=489","https://assets.pipeline.soar.com/5070479-1881c0abe06b6f77b832830e93da30bc/thumbnail_217340.jpg","/articles/6714528/Tennessee/State-approves-three-fast-track-grants-to-manufacturers-in-Bradford-and-Morristown","https://secure.pipeline.soar.com/6714528-4d6ccf0e0aaafa1b13a8ee542520fa3d/orig.mp4?Expires=1775763340&Signature=Cmz9TJAqm55DlsNWCCvu0ZuSsh~kqiknWMtiCjzYIyQ6W76EMyoGkL55RLK82Y2jsMrhD8zWVBCiQncmNvVB5B-YKdpI7eD1zrvWNAQJeXcnjid8ld2NyqfL34slzN4dNT-nihHYjFbJD~FuCqIp4qXaGwsiNS-gkthqWL-dFR90vVxwnhdpqtDoVpk~eb2ZJwVUK34~CbwwDyDp7oY1kO4cPecE98sbgDmOwPPrrV4MXas~mDizc7vcRufxNxDcP22Ffm5VAXc9Q4TQ25I0CZRbb5hbTCYwOBIFEHYsdg7khJL5MwcjkjVf71uZsSmsA4CS2uPza9K8x-KfvvX9qQ__&Key-Pair-Id=KUT5TJCACFTXG","The Tennessee State Funding Board on June 23 approved three fast-track economic development grants to support manufacturing expansions in Bradford and Morristown.

Stephanie Burnett, budget and financial operations administrator with the Department of Economic and Community Development, presented the projects and financials. She said the three projects would create a combined 536 net new jobs and represent about $37.6 million in capital investment over five years. The proposed fast-track grant amounts presented were $1,000,000 for TIRAC LLC, about $1,400,000 for Halmet Castings/ Halmet Aerospace, and $800,000 for Summertown Metals of Morristown LLC.

The projects described were:

TIRAC LLC (Bradford, Gibson County): The company will establish a quick-response manufacturing cell in a renovated 33,000-square-foot facility and said it would double its current headcount, committing to create 99 net new jobs and a $7,100,000 capital investment. The presentation said the average hourly wage for the new TIRAC positions would be $29.50 compared with the county median of $18.50 an hour.

Halmet Castings and related entities (Morristown, Hamblen County): The expansion would increase ceramic core production capabilities. Presenters said Halmet committed to 267 net new jobs and a $27,900,000 capital investment within five years, with an average hourly wage for the new positions of $20.52 compared with the county median wage of $18.35 an hour. The fast-track grant amount presented for this project was just over $1,400,000.

Summertown Metals of Morristown LLC (Morristown, Hamblen County): The company plans additional space for metal roll forming, truss manufacturing and warehousing. Presenters said Summertown committed to 170 net new jobs and a $22,600,000 capital investment within five years with an average hourly wage of $27.86 compared with the county median wage of $18.35 an hour. The requested fast-track grant amount was $800,000.

Board members asked whether incentive acceptance forms, checklists, and accountability agreements had been completed. Sandy Thompson and Burnett confirmed that the checklists were complete and that all three projects include accountability agreements providing protections to the state if an entity fails to meet its commitments.

A motion to consider the three items was made, seconded and approved by voice vote. The board did not record a roll-call tally in the meeting transcript; the clerk recorded the outcome as approved.","The Tennessee State Funding Board on June 23 approved three fast-track economic development grants that would help TIRAC LLC in Bradford and two Morristown businesses expand operations. The projects together promise more than 500 net new jobs and about $37.6 million in capital investment commitments over five years, according to Department of ECD.","actionData","errors"]

Article not found

Votes at a glance: State Funding Board approves bond, policy and loan items on June 23, 2025

THDA wins approval to seek up to $550 million in mortgage revenue bonds for first-time homebuyer loans

State approves three fast-track grants to manufacturers in Bradford and Morristown