District renews $6 million tax anticipation credit line
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Description
The Franklin Special School District has executed an amended and restated General Purpose Fund Tax Anticipation Revolving Promissory Note with First Horizon TE1, LLC for a revolving line of credit up to $6,000,000.00. The variable-rate note, tied to Term SOFR plus a 1.115% margin, runs from April 13, 2026 through June 30, 2027 as short-term financing in anticipation of tax and revenue collections.
Contract Details
Contract Amount
$6,000,000.00 (revolving line of credit, or such lesser amount as may be advanced)
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)
Renewal Date
2027-06-30
Renewal Info
This Note amends, restates, and supersedes the prior $6,000,000.00 Amended and Restated General Purpose Fund Tax Anticipation Revolving Promissory Note dated March 1, 2024, under a Tax Anticipation Revolving Loan Agreement dated September 23, 2004 as amended through an Eighteenth Amendment. The Note may be extended in whole or in part without limit as to number or periods of extensions, without notice to endorsers or guarantors, subject to Bank’s discretion and applicable law.
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The Franklin Special School District Tax Anticipation Revolving Loan Agreement Amendment
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THE FRANKLIN SPECIAL SCHOOL DISTRICT Corporate Secretary's Certificate - Borrowing April 2026
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