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Council approves up to $47.215 million in electric system revenue bonds
Summary
The council adopted Resolution 57 authorizing issuance and sale of electric system revenue bonds not to exceed $47,215,000 to support the city electric system.
The Clarksville City Council on May 1 adopted Resolution 57-20-24-25 authorizing the issuance and sale of electric system revenue bonds of the City of Clarksville in an aggregate principal amount not to exceed $47,215,000.
Chairman Streetman presented the resolution on behalf of the finance committee, which recommended approval. The measure makes provision for issuance, sale and payment of the bonds, the disposition of proceeds, and the collection and disposition of electric-system revenues.
Council members offered no floor comments during the measure’s consideration. The clerk recorded the vote as unanimous and the resolution was adopted. The resolution directs city staff and the gas and electric purchasing authorities to proceed with required administrative and market steps for bond issuance and the disposition of proceeds as described in the resolution text.
