2026 7 21 Regular Session Packet council

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RESOLUTION NO. 2026-18 
 
Page 1 of 3 
 
A RESOLUTION DECLARING THE INTENT OF THE CITY OF ATHENS, TENNESSEE 
TO REIMBURSE ITSELF FOR CERTAIN EXPENDITURES IN THE AGGREGATE 
PRINCIPAL AMOUNT OF NOT TO EXCEED FIFTEEN MILLION DOLLARS 
($15,000,000) RELATING TO MUNICIPAL PROJECTS OF THE CITY AND THE 
ATHENS UTILITIES BOARD WITH THE PROCEEDS OF BONDS OR OTHER DEBT 
OBLIGATIONS TO BE ISSUED BY THE CITY OF ATHENS, TENNESSEE 
  
 WHEREAS, municipalities in the State of Tennessee are authorized to finance certain 
public works projects by the issuance of bonds, notes, or other obligations; and 
 
 WHEREAS,  it is the intention of the City Council (the "Governing Body") of the City of 
Athens, Tennessee (the "Municipality") to provide funding (a) for all or a portion of the costs of 
certain public works projects, consisting of the acquisition, construction, improvement, extension, 
and renovation of the following: (1) public lands, buildings, facilities, equipment and vehicles, 
including but not limited to fire and rescue; (2) streets, roads, bridges, plazas, sidewalks, lighting, 
drainage, streetscapes, signage and related department buildings, facilities, vehicles and 
equipment; (3) water and wastewater systems (b) acquisition, construction and improvement of all 
other property, real and personal, appurtenant thereto or connected therewith; and (c) all legal, 
fiscal, administrative, architectural, and engineering costs incident thereto; and 
 
 WHEREAS, it is anticipated that it will be necessary to make expenditures in payment of 
said costs prior to the issuance of said bonds or debt obligations; and 
 
 WHEREAS, the Governing Body wishes to state its intentions with respect to 
reimbursements for said expenditures in accordance with the requirements of the regulations 
applicable thereto promulgated by the United States Department of Treasury. 
 
 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Athens, 
Tennessee, as follows: 
 
 Section 1.  It is reasonably expected that the Municipality will reimburse itself for certain 
expenditures made by the Municipality in connection with the Projects described, including legal, 
fiscal, administrative, architectural and engineering costs incident to th e foregoing.  The 
Municipality intends, upon receiving the necessary legislative approvals to do so, to reimburse all 
such expenditures by issuing its bonds or other debt obligations.   
 
 Section 2.  The maximum principal amount of bonds or other debt obligations expected to 
be issued, upon receiving the necessary legislative approvals to do so, to finance the activities 
hereinabove described is $15,000,000. 
 
 Section 3.  This resolution shall be placed in the minutes of the Governing Body and shall 
be made available for inspection by the general public at the office of the City Recorder. 
 
 Section 4.  The Municipality reasonably anticipates that it will be permitted to reimburse 
the original expenditures from the proceeds of bonds or other debt obligations. 
 
Section 5.  This resolution constitutes a declaration of official intent under Treas. Reg. 
§1.150-2. 
 
 Section 6.  All resolutions or parts of resolutions in conflict herewith are hereby repealed, 
and this resolution shall be in immediate effect from and after its adoption. 
 
 
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