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Cheatham County authorizes up to $2.42 million capital outlay note to replace Ashland City Elementary HVAC
Summary
The commission authorized issuance of capital outlay notes not to exceed $2,421,900 to finance a multi‑year HVAC replacement at Ashland City Elementary School, subject to Comptroller approval and budgetary safeguards.
Cheatham County commissioners approved a resolution authorizing the issuance of a capital outlay note not to exceed $2,421,900 to fund replacement of the HVAC system at Ashland City Elementary School.
The resolution specifies the notes will be designated "School HVAC Replacement Capital Outlay Notes, Series 2022," mature within three fiscal years unless otherwise approved by the state Comptroller, and bear interest up to a statutory cap. The notes are written as direct general obligations of the county, with the county’s full faith and credit pledged and an authorization to levy taxes if necessary to create a sinking fund for debt service.
County commissioners voted by roll call 11–0 (one absent) to approve the project financing after the Budget Committee recommended issuing the note and recording a companion budget amendment that recognizes note proceeds and appropriates $2,421,900 to education capital outlay. The resolution requires Comptroller approval of the sale and directs that the county prepare and file annual budgets consistent with legal requirements while any notes remain outstanding.
The authorization includes standard provisions on registration, transfer, optional redemption and compliance with Tennessee Code Annotated. The action was recorded as Resolution 12 in the meeting packet.
