RESOLUTION NO. RS2001-827
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 Eighty Five Million Two Hundred Thousand Dollars ($185,200,000) to be financed by the ad valorem levy on property in the general services district and in an aggregate principal amount of Twenty Six Million Five Hundred Thousand Dollars ($26,500,000) to be financed by the ad valorem levy on property in the urban services district.
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 $185,200,000 to be financed by the ad valorem levy on property in the general services district ("GSD Bonds") and $26,500,000 to be financed by the ad valorem levy on property in the urban services district ("USD Bonds") for the purposes hereinafter provided (both GSD Bonds and USD Bonds are sometimes collectively referred to herein as the "Bonds"); 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:
Section 1. Purpose. For the purpose of providing "the Public Works Projects" shall mean 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, construction program or projects management costs, including, without limitation, supervisory and administrative costs necessary to carry out the program or the projects contemplated by this Resolution, 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 GSD Bonds in an aggregate principal amount of not to exceed $185,200,000 and the USD Bonds in an aggregate principal amount of not to exceed $26,500,000. The Public Works Projects to be financed with the GSD Bonds include, without limitation, acquisition of real and personal property, construction, equipment, renovation, and improvements, as well as any other authorized use of bond proceeds now existing or hereinafter authorized by applicable law relating to: (1) Acquisition and installation of air conditioning equipment at Hadley Park tennis facilities; (2) Construction of exhibits at Grassmere Zoo; (3) Greenways development; (4) Implementation of the Centennial Park Master Plan and the Parks/Greenways Master Plan; (5) Relocation of the Red Grooms Carrousel; (6) Various roadway maintenance, restoration and improvements in the GSD, including roadways within various parks and lighting on bridges; (7) Sidewalk construction and improvements in the GSD; (8) Storm water drainage improvements in the GSD; (9) Recycling centers; (10) Replacement of fire apparatus at various GSD Fire Stations; (11) Upgrades to the Metropolitan Police Department Automated Fingerprint Identity System; (12) Construction of a new North Nashville Police Precinct; (13) A temporary backup/recovery site and a new facility for the E-911 system; (14) Upgrades, build-out and expansion of jail facilities; (15) Relocation of various Metro departments; (16) Planning a Metro records storage facility; (17) Build-out and renovation of the Juvenile Justice Center including bringing the facility in compliance with the Americans with Disabilities Act ("ADA") and replacement of fixtures in the detention area; (18) Completion, renovation, improvement and/or upgrades of various Headstart facilities; (19) Expansion and repairs of Health Department facilities including expansion of the TB Control Clinic; (20) Repairs and maintenance at the Knowles Home for the Aged; (21) Initial outlay for a Metro-wide computer replacement program; (22) Procurement, design and installation of enhancements and upgrades to the Criminal Justice Information System; (23) Build-out of the medical/surgical unit at General Hospital; (24) Repairs and/or replacement of building components at various Public Schools facilities to bring into compliance with fire, health, safety and ADA standards; (25) Acquisition of computers and replacement of furniture and equipment, including buses, throughout the Public School System; (26) Redesign, modifications, improvements and/or expansion of existing Public School facilities; (27) Redevelopment in the Arts Center Redevelopment Area; (28) various infrastructure, drainage and park improvement in the Preston Taylor Homes vicinity; (29) Replacement of buses, commuter vans and equipment purchases by the Metropolitan Transit Authority; (30) Construction of a commuter rail line to Wilson County, Tennessee, including without limitation right of way acquisition, rail improvements and station construction; (31) Replacement of various technical and computer equipment in the Planning Department; (32) Purchase and installation of a new voter registration system; (33) Software and upgrades to the Treasury System; (34) Energy management upgrades throughout Metro facilities and Public Schools facilities; (35) Telecommunications network upgrades; (36) Build-out and installation of medical screening equipment, construction of a pre-labor assessment center and consolidation of newborn facilities for the Metropolitan Hospital Authority; and (37) Improvements and maintenance at landfills. The Public Works Projects to be financed with the USD Bonds includes, without limitation, the acquisition of real and personal property, construction, equipment, renovation, and improvements, as well as any other authorized use of bond proceeds now existing or hereinafter authorized by applicable law relating to: (1) Construction, repairs and improvements to sidewalks in the USD including improvements related to compliance with the Americans with Disabilities Act; (2) Replacement of refuse collection equipment; (3) Acquisition of vehicles and other recycling equipment for automated collection; (4) Landfill maintenance; (5) Costs associated with repositioning the scale house at the Bordeaux landfill; (6) Replacement and/or acquisition of USD fire apparatus and rescue equipment including without limitation vehicles and fleet and facilities maintenance equipment; (7) Repairs, maintenance, and construction of facilities at USD fire stations; (8) Acquisition of furniture and fixtures for USD fire stations; (9) Acquisition of computers, peripherals, software and costs associated with network establishment at USD fire stations; (10) Construction of ramps at USD fire stations; and (11) Security enhancements at USD fire stations. With regard to both GSD Bonds and USD Bonds, the Public Works Projects to be financed by the Bonds include the acquisition or construction of certain public art as required by Ordinance No. BL2000-250.
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. Use of Proceeds for Technology. No proceeds from the issuance of the Bonds as provided herein shall be used for the acquisition, purchase or upgrading of any technology unless and until the Director of Finance has conducted a cost-benefit or other economic analysis as to the most efficient use of such proceeds and has authorized the expenditure of the same.
Section 4. Interest. The maximum rate of interest of the Bonds shall not exceed seven percent (7%) per annum.
Section 5. 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 for the GSD Bonds and the Urban Services District for the USD Bonds, will be hereby irrevocably pledged.
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: Jim Shulman & David Briley
AMENDMENT NO. 1
RESOLUTION NO. RS2001-827
I move to amend Resolution No. RS2001-827 as follows:
1. By amending Section 1 by deleting the following project: "(5) Relocation of the Red Grooms Carrousel"; and
2. By amending the Capital Investment Plan attached to said resolution as follows: (a) by deleting project "1d Relocation of Red Grooms Carrousel Project No. 01PR011 $500,000 GSD Bonds"; (b) by deleting project "16d Schools - Building Expansion Lockeland $1,051,000" and, (c) by increasing the funding amount for project "16a Renovation science labs" from $1,500,000 to $2,551,000.
Sponsored By: Jim Shulman
Amendment Adopted: December 18, 2001
|Referred to:||Budget & Finance Committee|
|Introduced:||November 20, 2001|
|Deferred:||November 20, 2001|
|Deferred:||December 4, 2001|
|Amended:||December 18, 2001|
|Adopted:||December 18, 2001|
|Approved:||December 19, 2001|