The Board of Commissioners (BOC) has cancelled its Nov. 7th work session and scheduled a special meeting for 5:30 p.m. Monday (11.4.19) at City Hall. The business meeting is still planned for Nov. 14th, according to Debra Murrell, city recorder.
Link to agenda: https://tn-lakeland.civicplus.com/ArchiveCenter/ViewFile/Item/885
Two resolutions are on the agenda regarding issuance of two general obligation bonds.
Shane Horn, city manager, explained the loan amounts:
“There are two separate resolutions to satisfy the individual requirements of the Bond Anticipation Note (BAN) ($45 million) for Interim Financing during construction and USDA’s requirement for the overall project loan amount ($62 million).
“The resolution up to $45 million is for the high school construction and associated interest during construction. The resolution of up to $62 million is the total amount of the project including $15.8 million for the 2015 CON refinancing.
“We had to break these apart to satisfy individual requirements of USDA and the interim financing lender. We are still looking at an overall loan amount of up to $62 million for both the new high school and the refinancing of the 2015 CON as well when USDA takes over the note at the end of construction,” said Mr. Horn.
He added that both PFM (Public Financial Management) and Michael Bradshaw (bond counsel) from Butler Snow will be in attendance Monday to answer questions and discuss further.
BOC
5:30 p.m. – Nov. 4th
The Lakeland School Board (LSB) has cancelled its business meeting for Nov. 4th. The Board will instead have a special called meeting at 5:45 p.m. Nov. 19th at City Hall. LSB typically meets the second Monday each month but Nov. 11th is Veterans Day.
Link to notice: https://lakelandk12.org/res/web/11.04.19%20BM/Meeting%20Cancellation%20Notice%2011.04.19.pdf
LSB
5:45 p.m. – Nov. 19th
