RESOLUTION NO. 2005-748
A resolution approving applications for Qualified Zone Academy Bond funding to the Tennessee State School Board Authority on behalf of the Metropolitan Board of Public Education.
Whereas, Tennessee Code Annotated § 49-3-1206(d)(2) authorizes the Tennessee School Board Authority (the "Authority") to issue taxable bonds known as Qualified Zone Academy Bonds ("QZAB"), and to loan the proceeds to local governments at a low cost for the benefit of local education agencies as defined by the statute; and,
Whereas, the proceeds of QZAB can only be used for rehabilitation and repair and/or to purchase equipment at qualifying public schools; and,
Whereas, in order to qualify, each public school must have a written commitment from a private entity to contribute not less than ten percent (10%) of the present value of the QZAB funding for each public school; and,
Whereas, the Metropolitan Board of Public Education ("Board of Education") has identified qualifying projects at qualifying schools and has secured written commitments for funding at least ten percent (10%) of the funding of each such project; and,
Whereas, the Board of Education has completed and approved the attached applications to the Authority for $1,387,254 in QZAB funding; and,
Whereas, formal loan documents with the Authority will be submitted to the Metropolitan Council at a later date, pending approval of the applications; and,
Whereas, the Metropolitan Council's approval of the applications is necessary before the Authority will consider them; and,
Whereas, it is in the best interest of the Metropolitan Government that the applications for QZAB funding be allowed to proceed.
Now, therefore, be it resolved by the Council of The Metropolitan Government of Nashville and Davidson County.
Section 1. That the attached Applications for Receipt of Proceeds of Qualified Zone Academy Bonds to the Authority from the Board of Education in the amount of $1,387,254, are hereby approved and the Metropolitan Mayor is authorized to complete and sign the attached forms indicating the approval of the Metropolitan Government.
Section 2. That the proceeds will be used to benefit the following schools:
Section 3. That 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: Lynn Williams, Diane Neighbors
RESOLUTION NO. RS2005-748
I move to amend Resolution No. RS2005-748 as follows:
a. By deleting
the figure of $1,387,254 as it appears in the recitals and in Section 1 thereof,
and in its place inserting $6,031,774.
b. By adding the following list of middle schools to Section 2.
Antioch Middle School
c. By adding the attached applications of afore-referenced middle schools.
Sponsored by: Lynn Williams
& Finance Committee
|Introduced:||April 5, 2005|
|Amended:||April 5, 2005|
|Adopted:||April 5, 2005|
|Approved:||April 6, 2005|