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Substitute Resolution RS2018-1373

A resolution calling an election on the proposition whether to issue general obligation bonds of the Metropolitan Government of Nashville and Davidson County in an aggregate principal amount not to exceed fifty million dollars ($50,000,000) and directing the County Election Commission to hold said election.

WHEREAS, Resolution No. RS2018-1328 (the “Initial Resolution”) proposes to authorize the issuance of general obligation bonds of the Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”) in an aggregate principal amount not to exceed fifty million dollars ($50,000,000) for the purpose of financing: (a) all or a portion of the costs of the planning, design, development, construction, renovation, modification, improvement, upgrade, expansion, repair, maintenance, rehabilitation, demolition, equipping and/or acquisition of fairgrounds buildings and facilities; (b) all or a portion of the costs to construct, reconstruct, renovate, improve and acquire streets, roads, driveways, parking, utilities, drainage, under-road electric service, water, sewer and storm water system improvements, and other necessary public infrastructure improvements directly associated with the construction of the soccer stadium at the fairgrounds; (collectively, the “Projects”), as all such Projects are more specifically set forth on Exhibit A, attached hereto; (c) acquisition of all property, real and personal, appurtenant to the foregoing and acquisition or construction of certain public art as required by Ordinance No. BL2000-250; (d) legal, fiscal, architectural, administrative, engineering and other costs incident to all the foregoing; (e) all other costs authorized to be financed pursuant to Section 9-21-109, Tennessee Code Annotated, including without limitation, costs of issuance of the Bonds; and (f) the payment or reimbursement of the payment of principal of and interest on any bonds, notes or other debt obligations issued in anticipation of the bonds; and,

WHEREAS, Section 9-21-208, Tennessee Code Annotated, authorizes a governing body of a local government to call for an election to determine the will of the electorate by filing an election resolution in accordance with Section 9-21-209, Tennessee Code Annotated; and,

WHEREAS, the Metropolitan County Council (the “Metropolitan Council”) desires to hold such an election in accordance with Section 9-21-209, Tennessee Code Annotated, to ascertain the will of the electorate on the proposition to issue general obligation bonds of the Metropolitan Government in the aggregate principal amount not to exceed fifty million ($50,000,000).

NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, AS FOLLOWS:

Section 1. An election is hereby called on the proposition whether to issue bonds of the Metropolitan Government in an aggregate principal amount of not to exceed fifty million dollars ($50,000,000), bearing a maximum rate of interest of not to exceed the greater of seven and one-quarter percent (7.25%) or the maximum rate permitted by applicable law, payable from and secured by ad valorem taxes to be levied on all taxable property in the General Services District and Urban Services District, for the purpose of financing: (a) all or a portion of the costs to construct, reconstruct, renovate, improve and acquire streets, roads, driveways, parking, utilities, drainage, under-road electric service, water, sewer and storm water system improvements, and other necessary public infrastructure improvements directly associated with the construction of the soccer stadium at the fairgrounds; (b) all or a portion of the costs of the planning, design, development, construction, renovation, modification, improvement, upgrade, expansion, repair, maintenance, rehabilitation, demolition, equipping and/or acquisition of fairgrounds buildings and facilities (collectively, the “Projects”), as all such Projects are more specifically set forth on Exhibit A, attached hereto; (c) acquisition of all property, real and personal, appurtenant to the foregoing and acquisition or construction of certain public art as required by Ordinance No. BL2000-250; (d) legal, fiscal, architectural, administrative, engineering and other costs incident to all the foregoing; (e) all other costs authorized to be financed pursuant to Section 9-21-109, Tennessee Code Annotated, including without limitation, costs of issuance of the Bonds; and (f) the payment or reimbursement of the payment of principal of and interest on any bonds, notes or other debt obligations issued in anticipation of the bonds.

Section 2. The Davidson County Election Commission is hereby directed to hold said election pursuant to the provisions of Section 2-3-204, Tennessee Code Annotated.

Section 3. The proposition, as it is to appear on the ballot at said election, shall be as follows:

Shall the Metropolitan Government of Nashville and Davidson County issue general obligation bonds in an aggregate principal amount of not to exceed $50,000,000 for the purpose of financing:
(a) all or a portion of the costs to construct, reconstruct, renovate, improve and acquire streets, roads, driveways, parking, utilities, drainage, under-road electric service, water, sewer and storm water system improvements, and other necessary public infrastructure improvements directly associated with the construction of the SOCCER STADIUM at the fairgrounds;
(b) all or a portion of the costs of the planning, design, development, construction, renovation, modification, improvement, upgrade, expansion, repair, maintenance, rehabilitation, demolition, equipping and/or acquisition of FAIRGROUNDS BUILDINGS AND FACILITES (collectively, the “Projects”);
(c) acquisition of all property, real and personal, appurtenant to the foregoing and acquisition or construction of certain public art as required by Ordinance No. BL2000-250;
(d) legal, fiscal, architectural, administrative, engineering and other costs incident to all the foregoing;
(e) all other costs authorized to be financed pursuant to Section 9-21-109, Tennessee Code Annotated, including without limitation, costs of issuance of the Bonds; and
(f) the payment or reimbursement of the payment of principal of and interest on any bonds, notes or other debt obligations issued in anticipation of the bonds, to bear a maximum rate of interest of not to exceed the greater of seven and one-quarter percent (7.25%) or the maximum rate permitted by applicable law, payable from and secured by ad valorem taxes to be levied on all taxable property in the General Services District and Urban Services District?

If you are for the Bond issue, vote yes. YES ____

If you are against the Bond issue, vote no. NO ____

Section 4. This resolution shall supersede Resolution No. RS2018-1328 adopted on September 4, 2018.

Section 5. This resolution shall take effect immediately upon its adoption, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.

Sponsor(s)

John Cooper

Related Documents

Legislative History

Referred toBudget and Finance Committee - 08/20/2018
Budget and Finance Committee - 09/04/2018

IntroducedAugust 21, 2018

DeferredAugust 21, 2018

FailedSeptember 4, 2018 - Roll Call Vote

Requests for ADA accommodation should be directed to the Metropolitan Clerk at 615-862-6770.

Last Modified: 01/11/2019 11:57 AM