District renews $6M tax anticipation credit line
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Description
The Franklin Special School District executed an amended and restated $6,000,000 tax anticipation revolving promissory note with First Horizon TE1, LLC, providing a variable-rate line of credit through June 30, 2027. The facility refinances and continues a prior 2024 note to fund cash flow needs in anticipation of tax and revenue collections.
Contract Details
Contract Amount
$6,000,000.00
Vendor
FIRST HORIZON TE1 LLC
Agency
Franklin Special School District, TN
Contract Type
FINANCIAL_SERVICES
Document Date
April 13, 2026
Contract Term
From April 13, 2026 until June 30, 2027 (Maturity Date); revolving line of credit
Renewal Date
2027-06-30
Renewal Info
This Note amends, restates, and supersedes the March 1, 2024 Amended and Restated General Purpose Fund Tax Anticipation Revolving Promissory Note in the same principal amount, and may be extended in whole or in part without limit as to the number or length of extensions at the Bank’s option. Execution is expressly not a novation; future extensions do not require notice to guarantors or endorsers.
More from FIRST HORIZON TE1 LLC
More from Franklin Special School District
Franklin Special School District Board Meeting Agenda April 13, 2026
Franklin Special School District Board Meeting Agenda April 13, 2026
The Franklin Special School District Promissory Note April 2026
The Franklin Special School District Tax Anticipation Revolving Loan Agreement Amendment
Franklin Special School District Board Meeting Agenda April 13, 2026
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