RESOLUTION NO. RS2004-576
An initial resolution authorizing the issuance of general obligation public improvement bonds of the Metropolitan Government of Nashville and Davidson County in an aggregate principal amount of not to exceed $41,000,000
WHEREAS, pursuant to Resolution No. RS2004-329, the Metropolitan Council authorized the issuance of $40,279,700 in principal amount of capital outlay notes to finance various projects listed in Resolution No. RS2004-329; and
WHEREAS, the Metropolitan Council believes that said projects can be financed more cost-effectively through the Metropolitan Government’s commercial paper program; and
WHEREAS, in order to finance projects through the commercial paper program, the Metropolitan Council must first adopt an initial resolution authorizing the issuance of general obligation bonds for the purpose of financing such projects, and publish the initial resolution as required by Tennessee Code Annotated Section 9-21-101 et seq.; and
WHEREAS, it is necessary and in the public interest of The Metropolitan Government of Nashville and Davidson County to issue general obligation bonds (the "Bonds") in an aggregate principal amount not to exceed $41,000,000 for the purposes hereinafter provided.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
SECTION 1. Purpose. For the purpose of providing all or a portion of the funds to pay for the projects hereinafter described, including interest during construction of the projects and up to six months thereafter and all legal, fiscal, architectural, administrative and engineering costs incident thereto and incident to the issuance and sale of the bonds authorized herein, and to reimburse the Metropolitan Government for funds previously spent therefore, there are hereby authorized to be issued general obligation bonds of The Metropolitan Government of Nashville and Davidson County in an aggregate principal amount of not to exceed $41,000,000. The projects to be financed with the bonds authorized herein are as follows: Traffic Violations Bureau integrated case management system; improvements and renovations to the Convention Center; installation, enhancement, advancement of web-based electronic budget projects; upgrades and enhancements to EBS and other computer systems; implementation of the Warehouse Needs Study's recommendations; implementation of Phase I of the Point of Sale System Study managed by Office of the Treasurer; internet-based systems that offer electronic procurement processes, contract and grant management systems; replacing one of two existing C-Arm units that are over 15 years old; establishing a single-platform system across all clinical departments of the hospital; implementing the Shared Services concept of operating with Metro Government; acquiring and implementing the use of a new Fleet Information System; employee performance management files and forms; purchasing and installing Tax Accounting System Hardware and Software; purchasing and installing PBX Telephone System Hardware and Software; moving applications currently residing on the IBM Mainframe to other processor platforms; multi-year project for the hardware/software necessary to scan and save paper records as digital images; acquiring software tools and equipment and make facility upgrades to accommodate consolidation of information technology services; equipment and software tools to accommodate growth of data center (SAN Expansion, servers, tape libraries); upgrades to computer room to accommodate growth (Electrical systems, UPS, HVAC, generators); security software and network equipment to eliminate security risks (firewalls, intrusion detection systems, vulnerability assessments, network hardware upgrades); purchase buses, paratransit vehicles, facility improvements, passenger amenities, and support / shop equipment; funding ADA issues, roofing, paving and miscellaneous repair items on the State Fair campus; and maintenance projects at the Farmer's Market campus.
SECTION 2. Authorization. The Bonds described and authorized by this Resolution shall be issued pursuant to the Local Government Public Obligations Act of 1986, Title 9, Chapter 21 of the Tennessee Code Annotated, as amended (the “Act”), 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 coupon rate any of the Bonds shall bear shall not exceed six percent (6%) 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 unlimited ad valorem taxes to be levied on all taxable property within the General Services District of the Metropolitan Government of Nashville and Davidson County.
SECTION 5. Sale and Issuance of the Bonds. The Bonds shall be sold, awarded and issued upon terms and conditions to be determined by the Metropolitan Council pursuant to a detailed bond resolution. None of the Bonds shall be sold, awarded or issued until the Metropolitan Council has adopted said resolution. The Bonds shall be sold, awarded and issued upon terms and conditions to be determined by resolution adopted by the Metropolitan County Council.
SECTION 6. Publication of Resolution. The Metropolitan Clerk is hereby directed to cause this Resolution, upon its adoption, to be published in full once in a newspaper published and having general circulation in The Metropolitan Government of Nashville and Davidson County, together with the statutory notice required by Section 9-21-206 of the Act.
SECTION 7. Repeal of Resolution No. RS2004-329. Resolution No. RS2004-329 is hereby repealed insofar as said resolution authorizes the issuance of capital outlay notes for the projects described herein, it being the intent of the Metropolitan Council not to authorize two borrowings for the same projects. However, Resolution No. RS2004-329 shall remain in effect insofar as said resolution evidences the Metropolitan Government’s expectation that it will be reimbursed for project costs from the proceeds of tax-exempt debt obligations, and insofar as said resolution constitutes a declaration of official intent for purposes of Treasury Regulation Section 1.150-2.
SECTION 8. Effective Date. This Resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government requiring it.
Sponsored by: Diane Neighbors
|Referred:||Budget & Finance Committee|
|Introduced:||November 16, 2004|
|Adopted:||November 16, 2004|
|Approved:||November 17, 2004|