RESOLUTION NO. RS2011-94
A resolution adopting the Debt Management Policy for the Metropolitan Government of Nashville and Davidson County as promulgated by the Metropolitan Department of Finance.
WHEREAS, Tennessee Code Annotated, Section 9-21-151(b)(1), authorizes the Tennessee State Funding Board to develop model financial transaction policies for local governments and local
government instrumentalities; and
WHEREAS, in December 2010, the State Funding Board adopted a statement on debt management and directed local governments and government entities that borrow money to draft their own debt management policies with certain mandatory provisions not later than December 31, 2011; and
WHEREAS, the Metropolitan Government has had a debt management policy in place since 2006 that meets the spirit of the Model Finance Transaction Policies for Public Entities: Debt Management Policy adopted by the State Funding Board; and
WHEREAS, the Metropolitan Department of Finance recently revised the Debt Management Policy for the Metropolitan Government to include the State Funding Board mandatory language relative to transparency, professionals, and conflicts, a copy of which is attached hereto as Exhibit A; and
WHEREAS, the State Comptroller has suggested that the Metropolitan Council adopt the Debt Management Policy for the Metropolitan Government; and
WHEREAS, it is fitting and proper that the Metropolitan Council officially adopt the Debt Management Policy for the Metropolitan Government promulgated by the Department of Finance in September 2011.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The Metropolitan County Council hereby goes on record as adopting the Debt Management Policy for the Metropolitan Government of Nashville and Davidson County attached as Exhibit A to this Resolution, and incorporated herein by reference.
Section 2. 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: Sean McGuire
Attachment(s) on file in the Metropolitan Clerk's Office
|Referred to:||Budget & Finance Committee|
|Introduced:||December 6, 2011|
|Adopted:||December 6, 2011|
|Approved:||December 12, 2011|