Commission approves $270,000 capital outlay notes to fund two ambulances

The Anderson County Commission approved a resolution authorizing up to $270,000 in interfund capital outlay notes to finance the purchase of two Type I ambulances for the county’s EMS service. The resolution (Exhibit B) designates the instruments as "EMS Ambulance Interfund Loan Capital Outlay Notes, Series 2016," permits issuance from the General (101) fund to the Ambulance Service (205) fund, and sets a maturity of up to three years.

Commissioner Fritts moved to approve the EMS capital outlay resolution during the Sept. 19 meeting; the motion was seconded and recorded as carried by voice vote. The resolution states the notes shall bear interest not to exceed zero percent per annum, mature no later than three years from issuance and may be redeemed at the local government's option. The resolution also requires Comptroller approval before sale and specifies annual budgeting and reporting requirements while any notes remain outstanding.

The resolution includes standard registration and transfer provisions and pledges the full faith and credit of Anderson County for payment of principal and interest. Proceeds are to be deposited into the General Fund and used to finance the ambulance project as described in the resolution.