Commission authorizes retroactive capital outlay note up to $376,500 for school field and track lighting

The Rhea County Board of Commissioners approved Resolution #26‑01‑06 on Jan. 20 authorizing the issuance of a Department of Education retroactive capital outlay note not to exceed $376,500 to finance LED lighting for a school football field and track.

Under the resolution the chief executive officer is authorized to issue notes bearing serial numbers and dated on the date of issuance; the notes are direct general obligations of the local government and pledge the county’s full faith and credit. The resolution sets a maximum principal amount of $376,500, contemplates amortization and requires the Comptroller of the Treasury or the Comptroller’s designee to approve the sale before the notes may be issued. The packet includes a sample note form and an illustrative amortization/payment schedule. The commission recorded the vote as unanimous.

The resolution directs the county’s chief executive and recording officer to execute the notes and authorizes the county to levy taxes or otherwise appropriate funds as needed to provide debt service. The packet notes that the capital outlay financing is intended for an LED field and track outdoor lighting system and references the statutory authority under Tenn. Code Ann. Title 9, Chapter 21. The board’s approval initiates the county’s steps to seek Comptroller approval and complete any required budget ordinance and disclosure steps prior to final issuance.

Commissioners did not debate the underlying project at length in the public minutes; votes were recorded as unanimous.