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Tennessee State School Bond Authority approves debt policy, acknowledges 2025 bond sale report
Summary
At its June 23, 2025 meeting the Tennessee State School Bond Authority approved its annual debt management policy and acknowledged a report on debt obligations for the 2025 bond sale; both actions were taken by roll call or formal acknowledgment with no dissents recorded in the transcript.
The Tennessee State School Bond Authority approved its annual debt management policy and acknowledged a report on debt obligations tied to the 2025 bond sale at a meeting held June 23, 2025.
The policy was presented to members by Sandy, a staff member, who told the authority that the document had been reviewed as required and that staff "made some changes" and "recommends approval." The board voted by roll call to adopt the debt management policy. Later in the meeting Sandy said, "TCA 9 21 1 34 requires issuers to file a report on debt obligation with the office of local government finance with the comptroller's office with a copy to the governing body within 45 days of issuance," and said the report was being submitted through the reporting system and only required the authority's acknowledgment.
Why it matters: The debt management policy guides how the authority issues and manages debt for schools and is subject to at least annual review by staff. The statutory filing requirement cited by staff sets a 45-day window for reporting debt obligations to state fiscal authorities; acknowledging the report fulfills the authority's administrative step following the 2025 bond sale.
What happened: Members first approved minutes from the authority's May 19, 2025 meeting by roll call. The authority then considered the debt management policy; Angela Scott moved to approve the policy and a second was recorded. The roll-call votes for the minutes and for the debt management policy show support from those present and participating remotely. The authority then acknowledged the report on debt obligations for the 2025 bond sale; Sandy said no vote was required for acknowledgment. The meeting concluded with a motion to adjourn that passed by roll call.
Votes at a glance (as recorded in the meeting transcript): - Approval of minutes (May 19, 2025): Roll call — Tracy: yes; Angela Scott: aye; Secretary Hargett: aye; Comptroller Mumpower: yes; Treasurer Lillard: aye; David Miller: aye. Item approved. - Approval of Tennessee State School Bond Authority debt management policy: Motion to approve made by Angela Scott; a second was recorded. Roll call — Tracy: aye; Angela Scott: aye; Secretary Hargett: aye; Comptroller Mumpower: yes; Treasurer Lillard: aye; David Miller: aye. Item approved. - Submission/acknowledgment of report on debt obligation for the 2025 bond sale: Staff said the report was being submitted under "TCA 9 21 1 34" and requested acknowledgment. Members agreed; no formal roll-call vote was required.
The meeting adjourned following the acknowledgment.
