Topic: Shelby County

Communities to receive financing to build or repair schools

November 8, 2009 |

CMCSS receives 20 Million for Renovation of Montgomery Central High School

Communities throughout Tennessee will receive financing to build or repair schools as a result of the Tennessee State School Bond Authority’s (TSSBA) action on Thursday.

The TSSBA finalized plans to sell up to $184 million worth of Qualified School Construction Bonds (QSCBs) as part of a program created by the federal American Recovery and Reinvestment Act. The bonds are tax credit bonds that provide a federal tax credit to the investor on a quarterly basis. The bonds may also pay a supplemental coupon to the bondholders on a quarterly basis.

Thursday the TSSBA selected a bond underwriting team, approved a final bond resolution and finalized documents needed to move forward with the bond sale. The TSSBA had preliminarily approved the loans in September and, after some revisions in loan amounts and the addition of the City of Kingsport as a new borrower, the revised list of project loans were approved by the TSSBA.

The TSSBA will invest the proceeds from the bond sale in the State Pooled Investment Fund (SPIF) and will disburse the funds to the communities to pay the expenses related to their school construction projects.

Montgomery Central High School after the renovations

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HUD awards more than $600 Million in Recovery Act grants to support community development and job growth

September 26, 2009 |

Tennessee to receive over $13.2 million; Clarksville $215,046

Washington – In the Obama Administration’s continued effort to stimulate community development and job growth, U.S. Housing and Urban Development Secretary Shaun Donovan today awarded $620 million to over 500 communities across the country through the American Recovery and Reinvestment Act of 2009 (Recovery Act). To view the list the full list of grantees receiving funding under this program, visit HUD’s Recovery Act website. Tennessee will receive over $13 million (see attached list).

The Recovery Act made available a total of $1 billion through the Community Development Block Grant (CDBG) Program. On July 16th, HUD announced the first round of grants under this program to nearly 700 communities, totaling $360 million. With today’s announcement, all $1 billion are now in the hands of communities, working to create jobs and revitalize neighborhoods.

“Today, I am proud to announce that HUD has moved quickly to obligate more than $10 billion in Recovery Act funds,” said Donovan. “Nearly three quarters of our Recovery Act funds are now available to communities across the country and are being put to work creating jobs, making homes more energy efficient, and strengthening neighborhoods.” «Read the rest of this article»

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Senator Kyle supports Ethics Commission

June 5, 2009 |

Asks House to take up the issue this legislative session

Senator Jim Kyle

NASHVILLE – Senator Jim Kyle of Memphis today urged that the future of the Ethics Commission be decided during this legislative session.

“Don’t presume the Ethics Commission has been abolished just because one House member says it’s been put over until the next session,” Senator Kyle said.

This is important to good government, and it’s important to Tennesseans. I urge the House to take it up this session.

Senator Kyle called on House leadership to address whether the Ethics Commission should be preserved and not to delay the matter until 2010, as one House member has moved to do. «Read the rest of this article»

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House Joint Resolution calls for study of legal gambling impact on tax revenue collections

May 30, 2009 |

Tennessee State Capitol Building

On Thursday, the Tennessee House passed House Joint Resolution 0019, as amended, onto the Senate, by a 53-40 vote. The resolution calls for a study of the financial impact of legal gambling, not related to a state lottery, upon tax revenue collections of Memphis, Shelby County and Tennessee.

The resolution was introduced by Rep. Larry Miller, District 88 and amended by Rep Fitzhugh, District 82. The amended resolution calls for the Tennessee Advisory Commission on Intergovernmental Relations (TACIR) and the University of Memphis conduct the study and report findings to the general assembly not later than January 1, 2010.

The resolution now awaits action in the state senate.

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