Dickson County approves modification of $40 million school loan, cites $6.4 million savings

The Dickson County Commission on Dec. 16 unanimously authorized a modification to the county's $40,000,000 Local Government Loan Program Bond, Series 2018, used for school financing.

Commissioner Carl Buckner moved to authorize the bond and loan agreement modification; Commissioner Jeff Eby seconded. The motion, recorded as Resolution 12-2019-06, was approved by a unanimous aye voice vote.

According to the minutes, the modification lowers the stated interest rate from 3.97% to 2.6%. The minutes state this change yields a saving of $6.4 million "in all." The resolution text in the minutes describes the loan as issued by the Public Building Authority of the City of Clarksville, Tennessee, and references the loan agreement dated May 25, 2018.

The commission suspended the rules to permit discussion of the loan modification before taking the vote. The minutes do not quote individual commissioners on the record about the financial analysis, nor do they provide a detailed amortization schedule in the meeting record.

The commission also approved other routine business at the meeting, including acceptance of quarterly reports and notaries.

The commission adjourned at 7:15 p.m.; its next regular session is scheduled for Jan. 21, 2020.