The Crossville City Council Mayor RJ Crawford and Sports Authority Chairwoman Tracey Barnes authorized the purchase of $3 million in bonds on Halloween.
Barnes signed on behalf of the Sports Authority. Ben Regen set everything up with the paperwork.
The bonds were approved and ready to go on the market at the Crossville City Council special-called meeting. The bonds went on sale that afternoon, according to Larry Kidwell, city council’s municipal adviser.
“All that really comes down to ‘How sound is the information?’ I don’t mind telling anybody that the city of Crossville has done everything in our power in good faith to make sure that everything is above board and transparent,” said City Council Attorney Randall York.
“And so, Nathan (Clouse, city finance director) has certified that, and I think we’re in good shape.”
There was a lot of debate on the wording from the underwriters of the bonds. Due to the back and forth, there was some apprehension with moving forward with the decision.
“Larry [Kidwell], as municipal adviser, is there anything that you see that is detrimental in us signing this? As municipal advisor, do you recommend to the city to do this?” asked Crawford.
Kidwell shared his perspective with the group.
“So, because we’re making, we’re all making greater certifications than what is required, or is being asked in the official statement anyway, I don’t see it as being detrimental,” said Kidwell. “I have a principal objection to the language because this is a document of the sports authority. But that is not, that is a principal objection, and it is not a legal objection.”
The City Council voted unanimously to approve.
Councilman Scot Shanks was absent from the special-called meeting.