RESOLUTION NO. RS99-86
A resolution authorizing and providing for the financing to construct water facilities projects, including authorizing the execution of applications, contractual agreements, and other necessary documents, and making certain representations, certifications, and pledges of the extension and replacement fund of the Department of Water and Sewerage Services.
WHEREAS, The Metropolitan Government of Nashville and Davidson County is a public and governmental body in Nashville, Tennessee (the "Local government"); and
WHEREAS, the local government has determined that it is necessary and desirable to undertake certain activities or tasks in connection with water facilities projects described herein below with the Department of Environment and Conservation in and for the local government; and
WHEREAS, Tennessee Code Annotated, Section 68-221-501 et. seq., provides for the lending of moneys from the Waterworks Construction Loans Fund to local governments for the purpose of providing funds for local water projects; and
WHEREAS, the local government has determined that it is necessary and advisable to borrow funds for the listed projects pursuant to these sections.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
SECTION 1: That the local government hereby approves the creation of indebtedness on behalf of the local government for one or more of the following projects; by the obtaining of project loans:
|West End Rehabilitation||98-WG-4A||98-WC-0001|
|Antioch Pike Water Line Replacement||98-WG-4B||98-WC-0001|
|Love Circle & 38th Ave. Area Rehabilitation||98-WG-4D||98-WC-0001|
|Sidco Drive Water Main Upsizing||98-WG-4F||98-WC-0001|
|Belmont Boulevard Area Rehabilitation||98-WG-4G||98-WC-0001|
|Omohundro Transmission Main Cleaning/Lining||98-WG-4H||98-WC-0001|
|East Nashville Trunk Main Rehabilitation||98-WG-4J||98-WC-0001|
|Wilson Boulevard & Nebraska Rehabilitation||98-WG-4K||98-WC-0001|
|Cane Ridge Improvements||97-WG-66||98-WG-0011|
|Cumberland Utility District||99-WG-85||97-WG-0001|
|Cumberland Utility District||99-WG-86||97-WG-0001|
The amount of the project loan for each project shall not exceed the amount specified in the Capital Improvements Budget and Program adopted annually pursuant to Section 6.13 of the Charter of the Metropolitan Government, as amended or may be amended in the future.
SECTION 2: That the execution and delivery of the necessary application for the project loans by the Metropolitan County Mayor of the local government, for the purpose of funding all or portions of the total estimated cost for one or more of the above-described projects is hereby authorized and approved in all respects.
SECTION 3: That the general form, terms, and provisions of the agreement for the project loans between the local government, the Tennessee Department of Environment & Conservation and the Tennessee Local Development Authority (the "Loan Agreement"), a copy of which is attached hereto and incorporated herein, is hereby approved.
SECTION 4: That the local government hereby agrees to honor and accept the method of financing as may be determined by the Authority pursuant to the applicable loan agreements.
SECTION 5: That the local government hereby agrees to make monthly payments on any project loans in accordance with the payment schedule to be attached to the loan agreements.
SECTION 6: That the local government hereby agrees to levy fees, rates or charges for services provided by any of the above-described projects for which a project loan is obtained sufficient to fund the payment of the interest on and principal of the project loans from the Extension and Replacement Fund of the Department of Water and Sewerage Services and/or to levy ad valorem taxes in accordance with the loan agreement. The local government also agrees to levy fees, rates, or charges and/or ad valorem taxes sufficient to pay the cost of operation and maintenance of the water system of which the above-described projects are a part, which cost shall provide for replacement and all other debt service expense of the system.
SECTION 7: That the local government assigns and pledges its state-shared taxes to the State and consents to the withholding and application of state-shared taxes in the event of failure by the local government to remit monthly payments in accordance with the terms of the loan agreements as the loan agreements may be supplemented or amended from time to time.
SECTION 8: That the Metropolitan County Mayor of the local government is authorized and directed to execute the loan agreements and any amendments or supplements to the loan agreements, in the name and behalf of the local government; to deliver such documents to the other parties to such documents, such execution and delivery to be conclusive proof of the approval of the local government of such documents; and to take such further action and to execute and deliver such further instruments or documents as such officer may consider necessary or advisable in connection with the loan agreements; provided, however, this resolution shall not be deemed to grant authority to the named officer to approve any increase in the amount of the project loans above the amounts authorized in Section 1 hereinabove.
SECTION 9: That this Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
& Finance Committee
Public Works Committee
|Introduced:||December 21, 1999|
|Deferred:||December 21, 1999|
|Adopted:||January 18, 2000|
|Approved:||January 20, 2000|