RESOLUTION NO. RS2015-1603
A resolution approving the issuance of Taxable Public Improvement Revenue Bonds, Series 2015, by The Sports Authority of The Metropolitan Government of Nashville and Davidson County.
WHEREAS, The Sports Authority of The Metropolitan Government of Nashville and Davidson County (the "Authority") has been formed pursuant to Title 7, Chapter 67, Tennessee Code Annotated (the "Act"), by The Metropolitan Government of Nashville and Davidson County (Tennessee) (the "Metropolitan Government") for the purposes set forth in the Act; and,
WHEREAS, the Authority is authorized by the Act to issue its revenue bonds to pay costs of capital improvements to the professional football stadium facility currently known as Nissan Stadium and to pay costs incident to the issuance and sale of the bonds; and,
WHEREAS, pursuant to the terms of the lease between the Authority and Cumberland Stadium, L.P. (the "Lease"), the Authority is obligated to provide for the capital upkeep of said stadium facility; and,
WHEREAS, the Board of Directors of the Authority (the "Board") intends to consider authorizing the issuance of its Taxable Public Improvement Revenue Bonds, Series 2015 (the "Bonds") to pay costs of capital improvements to said stadium and costs incident to the issuance and sale of the Bonds; and,
WHEREAS, as required by Section 7-67-109(15) of the Act, the Metropolitan County Council (the “Council”) must approve the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY (TENNESSEE), that:
1. The Council hereby approves the Authority’s issuance and sale of the Bonds for the purpose of financing the costs of capital improvements to the professional football stadium facility currently known as Nissan Stadium and paying costs incident to the issuance and sale of the Bonds. The Bonds shall be issued on such terms and conditions as may be approved by the Board of Directors of the Authority, subject to the written approval of the Director of Finance of the Metropolitan Government. In any event, the par amount of the Bonds shall not exceed $15,000,000; principal shall be amortized in a manner such that the Bonds will not constitute “balloon indebtedness” for purposes of T.C.A. Section 9-21-134; the final maturity of the Bonds shall not extend beyond the term of the Lease; and the Bonds shall bear interest at taxable rates not to exceed 7.25% per annum.
2. The Bonds may be sold in any manner permitted under applicable law.
3. The Bonds shall be payable from and secured by any revenues and properties of the Authority legally available therefor, including without limitation the proceeds of ticket taxes levied on Stadium patrons, all as may be determined by the Authority and notwithstanding the prior allocation of the ticket tax proceeds to the payment of other bonds of the Authority. In no event shall the Bonds constitute a liability of the Metropolitan Government, and in no event shall the Metropolitan Government’s non-tax revenues be pledged to the payment of the Bonds.
4. The Metropolitan Mayor, the Director of Finance, the Director of Law (or Deputy Director of Law) and the Metropolitan Clerk of the Metropolitan Government are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary or advisable to cause the Bonds to be issued as described herein.
5. All resolutions in conflict or inconsistent herewith are hereby repealed insofar as any conflict or inconsistency exists.
6. This Resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government requiring it.
Sponsored by: Bill Pridemore
|Referred to:||Budget & Finance Committee|
|Introduced:||August 18, 2015|
|Adopted:||August 18, 2015|
|Approved:||August 19, 2015|
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