Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Franklin City Council approves general-obligation note to fund courthouse, armory and radio projects
Summary
Council approved a resolution authorizing the issuance, sale and award of a general obligation bond anticipation note series 2024 to fund three capital projects; the city manager described this as the second phase of funding and cited roughly $8.1 million, and the city will pay a $50,000 fee to the loan/bond advisor.
Franklin City Council voted to authorize the issuance, sale and award of a general obligation bond anticipation note, series 2024, to finance three capital projects: the courthouse, the armory and a radio system upgrade. City Manager presented the measure as a second-phase financing step for projects council previously started, and referenced an amount of about $8.1 million to cover the three projects.
During discussion a council member asked about the professional fee for securing the loan. "Sir, Mr. Macklin, it's $50,000," responded Mister Davenport when asked how much the city is paying for services related to the bond acquisition. Council members then moved, seconded and voted to approve the resolution authorizing the issuance and sale of the note.
City Manager cautioned that while some initial interest payments would be rolled into the early loan payments, the city may need to increase certain general-fund revenues in the future to offset ongoing loan payments. The resolution passed by voice vote with multiple 'Aye' responses from council members; no dissenting vote was recorded on the transcript.
Next steps identified by staff include finalizing terms and bringing back administrative paperwork and related items to the city manager's report as required.
