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 two hundred twenty million dollars ($220,000,000.00).

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 $220,000,000.00 for the purposes hereinafter provided; and

Whereas, pursuant to Section 9-21-205, Tennessee Code Annotated, prior to the issuance of any general obligation bonds, the governing body of the local government proposing to issue said bonds shall adopt a resolution determining to issue the same; 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, including, without limitation, through inter-fund borrowing relating to the same, 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 the Bonds in an aggregate principal amount of not to exceed $220,000,000.00. The public works projects to be financed with the Bonds described herein are as follows:

(a) the 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; and

(b) the renovation, repair or refurbishment of certain improvements known as the Parthenon and located in Centennial Park;

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 of the Bonds 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. 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 6. 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: Eileen Beehan




Mr. President:

I moved to amend Resolution No. RS2000-219 by attaching to said resolution the project description and amounts attached hereto.

Sponsored by:  Eileen Beehan
Amendment Adopted:  May 16, 2000

87PR600B Centennial Park Parthenon - Renovate       3,000,000
97BE035 Alex Green Elementary - Expand        1,820,000
96BE006 Antioch High School  - Conversion        1,050,000
97BE003 Bailey Middle School - Expand        5,513,800
97BE008 Bordeaux Elementary - Expand        1,704,000
97BE009 Brick Church Middle School - Construction        6,938,809
97BE011 Buena Vista Paideia Magnet - Modernize        1,179,000
97BE013 Caldwell Early Childhood Center - Modernize        1,436,568
97BE014 Cameron Middle School - Modernize        3,335,000
97BE015 Carter Lawrence Middle School - Construct        5,053,000
97BE017 Charlotte Park Elementary  - Expand        1,820,000
97BE022 Dalewood Elementary School - Expand        7,765,300
97BE024 Donelson Middle School - Expand        4,811,750
97BE025 Eakin Elementary - Construct        5,395,000
97BE026 East Middle/Magnet - Modernize        5,549,000
97BE031 Glendale Middle - Expand        1,586,000
97BE032 Glengary Elementary - Expand        1,416,000
88BE004A Gra-Mar Elementary - Addition        4,334,850
87BE004A Granbery Elementary - Expand        1,105,000
88BE007 H.G. Hill elementary - Addition        4,916,000
73BE030B Haynes Middle School - Replace        7,190,000
97BE038 Head Middle School - Modernize        4,809,000
97BE042 Highland Heights Middle School -  Modernize        2,516,000
97BE047 Lockeland Middle School - Modernize        1,494,000
97BE001 Margaret Allen Middle School        7,360,000
97BE051 McKissak Middle - Modernize        5,204,250
97BE053 Meigs Magnet - Construct        3,226,000
97BE061 New Elementary 2/Antioch Zone - Construct        4,833,000
98BE009 New Elem Lab School/Pearl-Cohn Zone - Const        7,534,000
97BE065 New Elem School/McGavock Zone - Construct        4,517,000
97BE062 New Elementary2/McGavock Zone - Construct        5,253,000
98BE008 New Middle 2/Overton Zone - Construct        6,492,000
98BE007 New Middle Magnet/Hillwood Zone at John Early        7,716,000
97BE068 New Middle School/Antioch Zone - Construct      10,087,000
97BE069 New Middle School/Hillsboro Zone - Construct        6,892,000
97BE074 New Middle School/Overton Zone - Construct        9,676,000
97BE075 Old Center Elementary - Expand        2,568,000
97BE080 Stokes Elementary School - Construct        5,205,000
97BE081 Sylvan Park Elementary - Expand        3,190,000
97BE086 Warner Elementary - Modernize        2,335,000
97BE089 Wharton Middle Magnet Auditorium - Enlarge           500,000
97BE090 Wright Middle School - Expand        1,766,400
Contingency - School Projects      17,709,273
Sub-total    194,802,000
SR98-1138 Convert School Capital Outlay Notes to Bonds      21,850,000   216,652,000
Contingency          348,000
Total   220,000,000



Referred to: Budget & Finance Committee
Introduced: May 16, 2000
Amended: May 16, 2000
Adopted: May 16, 2000
Approved: May 18, 2000
By: mayor1.gif (1554 bytes)
Effective Date: May 23, 2000