RESOLUTION NO. RS2004-330
Initial resolution determining to issue general obligation bonds of The Metropolitan Government of Nashville and Davidson County in an aggregate principal amount not to exceed One Hundred Nine Million Seven Hundred Forty-One Thousand Two Hundred Ninety-Nine Dollars ($109,741,299) to be financed by the ad valorem levy on property in the general services district and in an aggregate principal amount of Thirty-Two Million Two Hundred Seventy-Four Thousand Seven Hundred Sixty-Two Dollars ($32,274,762 ) 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 $109,741,299 to be financed by the ad valorem levy on property in the general services district ("GSD Bonds") and $32,274,762 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 $109,741,299 and the USD Bonds in an aggregate principal amount of not to exceed $32,274,762. 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) ancillary building roof replacement at Bordeaux Hospital; (2) improvements for the administration building at Bordeaux Hospital, including sprinklers, HVAC system and upgraded fire alarm systems; (3) jail renovation and expansion; (4) major maintenance of several facilities; (5) implementation of the Head Start Study recommendations including building replacement and rennovation; (6) projects for the public school system including various construction projects, replacement of school buses and other vehicles, ADA compliance, renovation and replacement of schools and technology improvements; (7) transit improvements, including intelligent transportation services, capital funding, purchase of buses and para-transit vehicles, inter-moded transfer facilities; (8) implementation of the Master Plan for Parks and Greenways; (9) deferred and on-going maintenance of park buildings and facilities; (10) Dasher Board replacement at the Gaylord Arena; (11) safety improvements for the rigging at the Gaylord Arena all as further described in Exhibit A hereto. 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) renovation and replacement of fire halls in accordance with the Fire Department assessment recommendations; (2) Arts Center development in the Gulch Redevelopment Area; (3) implementation of the facility study recommendations for the Police Department; (4) ADA compliance for traffic signals; (5) state route paving program, including sidewalks and ramps; (6) maintenance repair and rehabilitation, replacements and improvements to bridges; (7) roadway maintenance; (8) construction and improvements of sidewalks all as further described in Exhibit A hereto. 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: Brenda Gilmore
Amendment No. 1
Resolution No. RS2004-330
I move to amend Resolution No. RS2004-330 by amending Section 1 by substituting a new Exhibit A attached hereto for the original Exhibit A.
Sponsored by: Brenda Gilmore
|Referred:||Budget & Finance Committee|
|Introduced:||June 1, 2004|
|Deferred to July 20, 2004:||June 1, 2004|
|Amended:||July 20, 2004|
|Adopted:||July 20, 2004|
|Approved:||July 21, 2004|