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Cheatham County authorizes proceedings for up to $46 million in general-obligation bonds for jail, courtroom and criminal-justice improvements
Summary
The County approved initial and authorizing resolutions to issue up to $46 million in general-obligation bonds to fund construction, renovation and equipping of jail and courtroom facilities. Both resolutions passed unanimously and the county clerk was directed to publish statutory notice.
Cheatham County commissioners voted Oct. 16 to authorize the county to proceed with issuing general-obligation bonds in an aggregate principal amount not to exceed $46,000,000 to finance construction, renovation, and equipping of jail, courtroom and other criminal-justice facilities.
County Attorney Michael Bligh presented the resolutions. The initial resolution proposed the bond sale and the final resolution approved the form of the bonds, provided terms and sale authorities, and pledged the county's full faith and credit for repayment through a tax levy. Both the initial resolution and the authorizing resolution were adopted by roll-call vote 12–0 (Resolutions 17 and 18).
The resolutions direct the County Clerk to publish the statutorily required notice and explain that if a petition signed by at least 10% of registered county voters is filed within 20 days of the publication, a petition could force a referendum on the bonds. The minutes include an illustrative debt-service schedule and sources-and-uses that show estimated annual debt-service obligations and the proposed uses of bond proceeds for project costs and issuance expenses.
Why it matters: The action begins a public-financing process that, if completed, will commit the county to repay the debt via property taxes. The funds are intended for major criminal justice capital projects; the exact projects and spend schedule will be finalized as the bond sale is executed.
Provenance: Topic introduced SEG 008; topic finish SEG 070.
