LENOIR CITY COUNCIL MEETING
7:00 P.M. CITY COUNCIL—MONDAY—AUGUST 8, 2011
LENOIR CITY HALL COUNCIL ROOM, BROADWAY
Call to Order
Invocation – Rev. Robert Stewart, Sixth Avenue Church of God
(Please remain standing for the Pledge of Allegiance)
Amendments, changes, approval of minutes of previous meeting.
Communication from the Mayor.
Reports from members of City Council.
Comments from citizens regarding an item/items on the agenda (time limits may be imposed).
1. Consideration of City Council adopting Resolution of the City of Lenoir City, Tennessee, authorizing the City to borrow funds in an aggregate principal amount not to exceed $15,700,000 from a Public Building Authority to refinance its outstanding debt and to execute and deliver a loan agreement and other documents related to said borrowing and the payment of the City’s obligations under the loan agreement; consenting to the assignment of the City’s obligations under the loan agreement; establishing the terms thereof and the disposition of proceeds therefrom; providing for the collection and disposition of revenues of the City’s electric power distribution system; making provision for the operation of said system. – Mr. Shannon Littleton, LCUB General Manager
2. Consideration of City Council adopting Resolution declaring the intent of the City of Lenoir City, Tennessee, to reimburse itself for certain expenditures in the aggregate principal amount of not to exceed ONE MILLION DOLLARS ($1,000,000) relating to the improvements, renovations, extensions, and equipping of the City’s Natural Gas System with the proceeds of bonds or other obligations to be issued by the City of Lenoir City, Tennessee. – Mr. Shannon Littleton, LCUB General Manager
3. Consideration of City Council adopting Initial Resolution authorizing the incurrence of indebtedness by the City of Lenoir City, Tennessee, of not to exceed $2,725,975, by the execution with the Public Building Authority of the City of Clarksville, Tennessee, of a Loan Agreement for the purpose of converting certain outstanding notes to a loan, and to fund the incidental and necessary expenses related thereto.
4. Consideration of City Council adopting Resolution authorizing a loan pursuant to a loan agreement between the City of Lenoir City, Tennessee, and the Public Building Authority of the City of Clarksville, Tennessee, in the principal amount of not to exceed $2,725,975; authorizing the execution and delivery of such loan agreement and other documents relating to said loan; approving the issuance of a bond by such Public Building Authority; providing for the application of the proceeds of said loan and the payment of such indebtedness; and, consenting to the assignment of the City’s obligation under such loan agreement.
Report from City Administrator.
Comments from citizens regarding an item/items not on the agenda (time limits may be imposed).
Such other business that may properly come before council.
Tony R. Aikens, Mayor