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Funding board approves amended standby commercial paper purchase agreement through 2031
Summary
The board approved a resolution authorizing an amended and restated standby commercial paper purchase agreement dated as of the meeting, preserving the $350,000,000 commitment and extending termination to July 1, 2031; the issuing/ paying agent and commitment fee remain unchanged.
The Tennessee State Funding Board approved a resolution authorizing an amended and restated standby commercial paper purchase agreement, with the new agreement dated as of the meeting and a termination date of July 1, 2031.
Kayla Carr (staff member) outlined the resolution for the board, saying the current standby purchase agreement expires July 1 and that the board's authorization would adopt the amended and restated agreement dated as of today's meeting. Carr said the commitment amount of $350,000,000 remains unchanged, the issuing and paying agent remains the same, the commitment fee is unchanged, and updates were made to contact information.
The chair moved to approve the resolution; the motion was seconded and a roll call recorded affirmative votes from the Comptroller, Treasurer and Commissioner. The board approved the resolution without further public discussion recorded in the meeting transcript.
The resolution preserves the existing commitment level for the state's commercial paper program, updates administrative details, and sets the termination date of the amended agreement to July 1, 2031. The board did not provide further edits or conditions in the recorded proceedings.
