Town of Spring City Monthly Workshop Agenda 2026-05-28
Spring City considers bond fund financing for tank costs
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Description
Spring City is considering financing approximately $1.47 million in water tank contract and roof repair costs through the Tennessee Municipal Bond Fund over a 10-year term at an assumed 3.97% interest rate. The proposed structure would result in total payments of about $1.81 million and customer tank fees between $14.27 and $14.41 per month in full payment years.
Contract Details
Contract Amount
$1,470,000.00 amount financed; $1,812,147.83 total paid including $342,147.83 total interest at 3.97% fixed
Vendor
TENNESSEE MUNICIPAL BOND FUND
Agency
City of Spring, TN
Contract Type
FINANCIAL_SERVICES
Document Date
May 28, 2026
Contract Term
10-year loan term with one initial partial-year payment in FY2026-2027 followed by ten full annual payments through FY2036-2037
Renewal Date
2036-06-30
Renewal Info
Proposed financing would run for a fixed 10-year term; no renewal or extension provisions are described.
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