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Claiborne County files debt report for $280,665 capital lease for tractors and mowers
Summary
The county highway department filed a Report on Debt Obligation showing a $280,665 capital lease (4.29% interest) for two tractors and mowers; total repayment $306,668.16 over three annual payments beginning Aug. 1, 2020.
Claiborne County's Highway Department filed the required Report on Debt Obligation (State Form CT-0253) related to a capital lease for two tractors and mowers.
The report, dated July 1, 2019 and presented to the commission on Aug. 19, shows a face amount of $280,665 with an interest rate of 4.29 percent. The total repayable amount is listed as $306,668.16. The lease repayment schedule in the report lists three annual payments of $102,222.72 due on Aug. 1 in 2020, 2021 and 2022.
The county filed the form with the Office of State and Local Finance and delivered the report to the governing body within the 45-day statutory period required under Tennessee Code Annotated §9-21-151. The minutes note the report was presented for information only and no action was required by the commission.
The report lists Magnolia Bank as the processing/payee agent for a $500 processing fee and notes that the debt is an annual-appropriation capital lease. The minutes record the contract amount, interest rate and repayment schedule; the commission did not vote on the lease at the meeting because the debt had already been executed and the report was required to be filed and presented.
