Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Exempt Bonds topic
No spam. Unsubscribe anytime.
Board approves resolution supporting tax‑exempt bonds for Vanderbilt helicopter replacements
Summary
The board authorized a resolution approving issuance of tax‑exempt revenue bonds by the Nashville health and education facility board for the benefit of Vanderbilt University Medical Center; board members said the city will have no financial obligation for the bonds.
The Tullahoma Board of Mayor and Aldermen approved a resolution consenting to the issuance of tax‑exempt revenue bonds by the Health and Educational Facility Board of the Metropolitan Government of Nashville and Davidson County for the benefit of Vanderbilt University Medical Center. The resolution was recorded with five affirmative votes and one abstention.
A board member summarized the item for colleagues: "The proceeds of those bonds will be used to purchase helicopters at different locations throughout the state of Tennessee, basically replacement helicopters. As you know, we have one of those helicopters here in Tullahoma." He added, "We are not obligated. We have no financial liability responsibility." The board accepted that explanation and voted; the transcript records Alderman McGee abstaining.
Officials said the city's action is required by IRS rules as part of the bond issuance process and that approval does not create a city liability or direct financial obligation. The vote advanced the resolution as presented.
