Cookeviulle

Cookeville City Council officially recognized its new debt Thursday night as Council accepted a new debt obligation report.

Finance Director Brenda Imel said the state requires the report’s filing and acceptance by the council. The city sold General Obligation Bonds last week, totaling $9.475 million. The interest rate came in a 3.5 percent.

The money will be used for several road improvement projects including bills due on the 10th Street widening. Money will also be used for construction of two new fire stations.

Imel said the cost for the bonds were some $139,000.

eive. Um, receive. Report on debt obligation for the general obligation bond. Miss.

[00:11:01.400] – Speaker 7
Mayor and council members. Um. Anytime we issue debt, we are required to file a report on debt obligation with the Tennessee Comptroller’s Division of Local Government Finance. And then after that, council is required to accept that report. The report is basically a summary of the debt obligation. So we recently sold General Obligation bonds series 2024. They were dated December 13th, 2024. The amount of the bonds was 9,475,000. The true interest cost was 3.5167189%. The purpose of the bonds was road improvements. 10th Street West Stephens Fire Station construction facility renovations and park improvements. We sold the bonds at a premium of 516,006 4825. The bond issue costs were 139,386 85 and as we had discussed before, Moody’s had upgraded our bond rating and rated the bonds at double A one. I’d be happy to answer any questions. You’ve got a copy of the full report in your packet, and there’s a very difficult to see copy off the comptroller’s website. Um, but I would recommend your approval.

[00:12:11.360] – Speaker 2
Thank you. Um, I know we have to take a vote. I need a motion and a second. Yeah.

[00:12:15.590] – Speaker 7
To accept it.