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Tennessee Comptroller approves Bradley County interfund notes and "heightened risk" debt for turf and hospital financing
Summary
The Tennessee Comptroller approved Bradley County's request to issue interfund capital outlay notes (including two series described as heightened-risk variable-rate notes) to finance a turf-installation project and hospital-related interfund loans, subject to statutory conditions and reporting requirements.
The Tennessee Comptroller's office notified Bradley County in letters dated May 26, 2026 that it approved two related financing actions: (1) the issuance of interfund capital outlay notes to be repaid on a schedule that does not exceed the legal maturity allowed for such notes, and (2) separate approval for issuing notes the office considered "heightened risk debt" because the notes contain a variable interest rate that resets annually.
The documents, included in the commission packet, describe a $2,130,826 Hospital Interfund Loan Capital Outlay Notes, Series 2026A and a $1,294,986 Hospital Interfund Loan Capital Outlay Notes, Series 2026B. The Comptroller's letters state the county plans to amortize the notes on a level debt-service schedule, keep healthy fund balances, and plan for potential interest-rate increases; approval is conditioned on statutory compliance and the filing of the required Report on Debt Obligation within 45 days of issuance.
One of the documents recites that proceeds will support an interfund loan from the countyhospital fund to the general fund to finance the installation of SHAW Sports synthetic turf on 12 ballfields across Elrod Park, Bradley North Park and Blue Springs Park, authorized in a county resolution (record cited as Resolution #2026-11). The Comptrollerletters note that approval does not address federal tax compliance and recommends county counsel or bond counsel review tax-law implications.
County staff and the finance director included the Comptroller correspondence in the finance packet provided to commissioners; the approvals clear a required state-level review step but do not substitute for any local public-hearing or ordinance steps related to tax-rate changes or other county-level authorizations.
