RESOLUTION NO. RS2004-577
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 $10,000,000
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 $10,000,000 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 construction of the improvements to the Metropolitan Government’s District Energy System listed below, including interest during construction 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 $10,000,000. The District Energy System projects to be financed with the bonds authorized herein are as follows: installation and equipping of customer metering; installation and equipping of new connections at the new downtown library and the symphony hall; and installation and equipping of improvements at the Renaissance Hotel and at the Fourth and Church connection.
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. 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|