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Council authorizes up to $150 million in general obligation bonds and approves bond series 2025 details
Summary
The council approved an initial resolution to issue up to $150 million in general obligation bonds and, separately, approved details for the City of Memphis General Improvement Bond Series 2025, delegating final terms to the chief financial officer.
The Memphis City Council voted Oct. 7 to authorize the issuance of general obligation debt of up to $150,000,000 under the Local Government Public Obligations Act (Tennessee Code Annotated, title 9, chapter 21) to finance public works projects. The initial resolution passed following a committee recommendation.
The council also approved a companion resolution authorizing the issuance, sale and delivery of City of Memphis General Improvement Bond Series 2025, prescribing terms for sale, appointing paying and registration agents and delegating to the chief financial officer authority to set additional details. The resolution approves preparation and distribution of a preliminary official statement and authorizes competitive public sale procedures. Both items passed on recorded roll calls.
Councilman Carlisle presented both committee recommendations and the items were adopted on the council floor by recorded vote. The approval authorizes staff to proceed with sale planning and required disclosures; it does not itself expend bond proceeds. Final sale terms, interest rates and exact par amounts will be set consistent with the council’s delegations and market conditions.
