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Cheatham County approves $925,218 note to buy seven school buses
Summary
The Cheatham County Legislative Body authorized a three-year capital outlay note of up to $925,218 to finance seven school buses, subject to Comptroller approval; the county recorded budget entries to spend the proceeds on buses.
Cheatham County approved a capital outlay note not to exceed $925,218 on March 21 to finance seven school buses, County Mayor Kerry McCarver said as the commission took the action.
The Legislative Body voted to authorize a three-year capital note that the county will amortize according to terms set in the resolution; the action requires written approval from the Tennessee Comptroller of the Treasury before the sale. Commissioner Ed Greer moved the measure and Commissioner Diana Pike Lovell seconded; the roll-call vote was 11 yes, 0 no, 1 absent.
The resolution states the notes will be designated for the seven-bus project, carry interest not to exceed 3.25% per year, and will mature no later than three fiscal years after issuance. The county agreed to record the note proceeds in the Education Capital Projects fund and appropriate the funds for the buses. The board also approved a matching budget amendment to record the note proceeds and the related capital outlay expenditure.
The school board and commission approved the same motion, and county staff noted that if the note is sold, the county will prepare and submit annual budgets for each year debt service is outstanding in compliance with state law. The resolution estimates a seven-year weighted average life for the project and notes the county may amortize principal in level debt-service amounts or equal principal payments, subject to the purchaser's terms and Comptroller oversight.
The commission chair closed the discussion after members agreed the buses were needed to replace and expand fleet capacity for student transportation; no public comment on this item was recorded. The county clerk will transmit the authorized documents to the Comptroller and to the finance office for execution and recordkeeping.
