RESOLUTION NO. RS2002-1177
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 Thirty-Six Million One Hundred Fifteen Thousand Dollars ($236,115,000) to be financed by the ad valorem levy on property in the general services district and in an aggregate principal amount of Twenty-Seven Million One Hundred Sixty-Five Thousand Dollars ($27,165,000) 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 $236,115,000 to be financed by the ad valorem levy on property in the general services district ("GSD Bonds") and $27,165,000 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 $236,115,000 and the USD Bonds in an aggregate principal amount of not to exceed $27,165,000. 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) Additions, renovations and upgrades to the Ben West Building; (2) Remodeling of the jail and police facilities; (3) Construction of a public parking garage; (4) Improvement to the Howard Campus including implementation of campus plan and relocation expenses; (5) Police Department facilities study; (6) Sidewalk and bikeway construction in the GSD; (7) Implementation of the Parks Department Master Plan; (8) Deferred maintenance and upgrades of various Department of Parks and Recreation facilities including riverbank stabilization and repair; (9) Storm sirens; (10) Various Americans with Disabilities Act (“ADA”) compliance projects throughout the GSD; (11) Various paving projects throughout the GSD; (12) Infrastructure, street, storm water drainage and park improvements in the vicinity of the Sam Levy Homes; (13) Redevelopment of the Arts Center Redevelopment Area; (14) Facilitation of improvement and/or replacement of Head Start facilities; (15) Development of an EBudget project; (16) Upgrades and enhancements to various Metropolitan Government computer systems; (17) Computerization of fire halls within the GSD; (18) Implementation of Public Works audit recommendations; (19) Rolling stock and equipment upgrades and replacement for the Metropolitan Transit Authority; (20) Maintenance, lighting and safety improvements to various bridges in the GSD; (21) Stormwater projects: (22) Power distribution and backup for Emergency Communications System; (23) Exhibits at Grassmere Zoo; (24) Improvements to Municipal Auditorium including ADA compliance projects; (25) Facilitation of records management system study; (26) Preliminary work for a motor pool facility; (27) Landfill remediation and closures; (28) Construction and equipping convenience/recycling centers; (29) Major computer system conversions and consolidations and the enhancement of electronic government projects by the Information Technology Systems department; (30) Warehouse inventory technology solution for Finance; (31) Fleet and fleet related facilities for the Metropolitan Government; (32) Various energy retrofit projects for Finance; and (33) For the deferred maintenance, technology, equipment, building expansions, energy management, and ADA upgrades to Metropolitan Nashville Public Schools – MBOE. 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) Improvement and/or replacement of Fire Department facilities in the USD; (2) Computerization of fire halls within the USD; (3) Equipment and rolling stock for USD fire facilities; (4) Sidewalk and bikeways within the USD; (5) Recycling containers for multi-family units in the USD; and (6) East Nashville Civic Square Design Plan. 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: Craig Jenkins
|Referred to:||Budget & Finance Committee|
|Introduced:||October 1 , 2002|
|Deferred:||October 1 , 2002|
|Adopted:||October 15, 2002|
|Approved:||October 16, 2002|