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Council alerted to planned capital note to finance police vehicles in August
Summary
Staff said the city will introduce a resolution in August to issue a capital outlay note to finance police vehicles over five years; the purchase is budgeted and financing will depend on interest rates at issuance.
City administration told the board a resolution to issue a capital outlay note (CON) to finance police vehicles will appear on the August agenda. The administrator said the vehicles are already budgeted and the note would refinance the prior vehicle debt over a five-year term; the interest rate will be locked when staff brings the resolution forward.
Staff reported they disclosed the planned issuance to S&P during the rating process and earlier quotes showed the Tennessee Municipal Bond Fund offered notably lower rates than a manufacturer-finance quote. No formal vote was taken; the item was presented as planned budgetary action for August.
