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Council authorizes up to $10,009,700 loan via Public Building Authority; finance staff explain trade-offs
Summary
Gallatin’s council authorized a loan not to exceed $10,009,700 through the Public Building Authority of the City of Clarksville to fund public works projects. Finance staff explained the expected interest-rate trade-offs versus a general obligation (G.O.) bond and why the loan program may be advantageous for slower-moving projects.
The Gallatin City Council on Oct. 21 adopted an initial resolution and a loan authorization allowing the city to borrow up to $10,009,700 through the Public Building Authority (PBA) of the City of Clarksville to fund public works projects.
Vice Mayor Hayes introduced the resolution authorizing the incurrence of indebtedness and the loan agreement. Council members asked detailed questions about the expected interest rate and whether borrowing through the PBA would be more expensive than issuing a general obligation bond.
Finance Director Rachel…
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