SUBSTITUTE RESOLUTION NO. SR99-1485
Substitute initial resolution determining to issue general obligation bonds of the Metropolitan Government of Nashville and Davidson County in an aggregate principal amount of not to exceed one hundred ninety million dollars ($190,000,000).
WHEREAS, it is necessary and in the public interest of The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") to issue general obligation bonds (the "Bonds") in an aggregate principal amount not to exceed $190,000,000 for the purposes hereinafter provided; and
WHEREAS, pursuant to Section 9-21-205, Tennessee Code Annotated, prior to the issuance of general obligation bonds, the governing body of the local government proposing to issue said bonds shall adopt a resolution determining to issue the general obligation bonds; and
WHEREAS, for the purpose of complying with the requirements of said statute, the Metropolitan County Council of the Metropolitan Government adopts this resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, AS FOLLOWS:
SECTION 1. Purpose. For the purpose of providing all or a portion of the funds to pay for the public works projects hereinafter described, or to reimburse the Metropolitan Government for funds previously spent for said projects, and to pay legal, fiscal, architectural, administrative and engineering costs incident thereto and incident to the issuance and sale of the bonds described herein, the Metropolitan County Council hereby determines to issue general obligation bonds of the Metropolitan Government in an aggregate principal amount of not to exceed $190,000,000 (the "Bonds"). The public works projects to be financed with the Bonds described herein are the following:
(a) construction and equipping of improvements to the public school system of the Metropolitan Government, including construction and equipping of school buildings and facilities and the purchase of land and interests in land in connection therewith;
(b) construction and equipping of improvements to the public library system of the Metropolitan Government, including the construction and equipping of a main library and regional libraries and the purchase of land and interests in land in connection therewith;
(c) construction of streets, roads and sidewalks and construction of improvements, repairs and replacements to the streets, roads, sidewalks and storm drainage system of the Metropolitan Government, including the purchase of land, rights-of-way and other interests in land in connection therewith, the purchase and installation of traffic control equipment and facilities, and the construction and installation of lighting for streets, sidewalks and public areas;
(d) acquisition of and renovations and improvements to the main U.S. Postal Service building and related land on Broadway for use as a center for the visual arts;
(e) construction and equipping of a police precinct station and a fire hall and purchase of land and interests in land in connection therewith;
(f) construction and equipping of buildings and facilities in various public parks and recreational facilities;
(g) construction of improvements to various parks, recreational facilities and greenways;
(h) Courtroom renovations; and
(i) construction and equipping of a new animal control facility and purchase of land in connection therewith.
SECTION 2. Authorization. The Bonds described herein shall be issued pursuant to the Charter of the Metropolitan Government and/or the Local Government Public Obligations Act of 1986, as amended, codified as Title 9, Chapter 21, Tennessee Code Annotated, and no referendum or election shall be required for the issuance of the Bonds unless a petition for an election relating to their issuance is filed within the time and in the manner provided for in said statute.
SECTION 3. Interest. The maximum rate of interest any of the Bonds shall bear shall not exceed seven percent (7%) per annum.
SECTION 4. Source of Payment. The principal of, premium, if any, and interest on the Bonds shall be payable from and secured by ad valorem taxes to be levied on all taxable property in the General Services District of the Metropolitan Government, without limitation as to time, rate or amount. The Bonds will be direct general obligations of the Metropolitan Government, and the full faith and credit of the Metropolitan Government, together with the taxing power of the Metropolitan Government as to all taxable property in the General Services District, will be hereby irrevocably pledged.
SECTION 5. Issuance and Sale of the Bonds. The Bonds shall be issued and sold in accordance with a detailed bond resolution to be adopted on the date hereof.
SECTION 6. Publication of Resolution. The Metropolitan Clerk is hereby directed to cause this Resolution, upon its adoption, together with the statutory notice required by Section 9-21-206, Tennessee Code Annotated, to be published in full once in a newspaper published and having general circulation in the Metropolitan Government.
SECTION 7. Effective Date. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Sponsored By: Charles Fentress
|Referred to:||Budget & Finance Committee|
|Introduced:||April 6, 1999|
|Adopted:||April 6, 1999|
|Approved:||April 8, 1999|