City of Knoxville
Tennessee

Resolution
R-207-2019

A Resolution supplementing Resolution No. 2075 adopted by the City Council of the City of Knoxville, Tennessee on April 20, 1954 entitled "A Resolution providing for the issuance of Water Revenue Bonds" so as to provide for the issuance of not to exceed Twenty-Six Million Dollars ($26,000,000.00) of Water System Revenue Bonds, Series II-2019.

Information

Department:FinanceSponsors:
Category:KUB Generated

Body

COUNCIL DISTRICT(S) AFFECTED

 

BACKGROUND

Tennessee state law requires the municipality’s governing body (City Council) to authorize all debt issues with maturities of 5 years or greater. On May 16, 2019, the KUB Board of Commissioners adopted Resolution 1393, requesting City Council provide for the issuance of not to exceed $26,000,000 in Water System Revenue Bonds.

 

The proceeds of the bonds will be used to fund water system capital improvements, and provide for costs of issuance and other fees.

 

 

 

OPTIONS

City Council approval needed to proceed with the issuance of the bonds, which will be used to help fund water system capital projects under KUB’s Century II water program, including the replacement of aging water main, and water treatment plant projects.

 

 

 

RECOMMENDATION

Approval

ESTIMATED PROJECT SCHEDULE

 

PRIOR ACTION/REVIEW

 

FISCAL INFORMATION

The bonds will be secured solely by KUB water system revenues. The bondholders will have no recourse to the taxation power of the City.

 

 

Meeting History

Jun 4, 2019 6:00 PM  City Council Regular Meeting

Council Member Wallace moved to approve the resolution, and Council Member Welch seconded the motion.

Discussion:

Mark Walker, Chief Financial Officer for Knoxville Utilities Board, 8528 Cambridge Woods Ln; and Council Members Stair, Singh, McKenzie, and Rider

(this discussion was relevant to Resolutions 11-f through 11-h)

On unanimous roll-call vote, the motion to approve the resolution carried, and the resolution was approved.

RESULT:APPROVED [UNANIMOUS]
MOVER:George C. Wallace, At-Large Seat A
SECONDER:Stephanie Welch, First District
AYES:Mark Campen, Gwen McKenzie, Lauren Rider, Andrew Roberto, Finbarr Saunders, Seema Singh, Marshall Stair, George C. Wallace, Stephanie Welch