Resolution affirming the authority of The Metropolitan Government of Nashville and Davidson County, Tennessee to issue general obligation bonds pursuant to that certain Initial Resolution previously adopted by the Metropolitan Council and consenting to particular allocations for specific public works projects.
WHEREAS, the Metropolitan Council has from time to time authorized the issuance of general obligation bonds to finance specified public works projects; and,
WHEREAS, in order to authorize such general obligation bonds the Metropolitan Council adopted Resolution RS2013-710 on June 11, 2013, (the “Initial Resolutions”); and,
WHEREAS, pursuant to the Initial Resolution the Metropolitan Council has authorized the issuance of general obligation bonds in an aggregate amount not to exceed $300,000,000; and,
WHEREAS, the Metropolitan Council reduced the authorization of the Initial Resolution by $279,844 by adopting Resolution RS2018-1453 on October 16, 2018; and,
WHEREAS, the Metropolitan Council reduced the authorization of the Initial Resolution by $1,000,000 by adopting Resolution RS2019-99 on November 19, 2019; and,
WHEREAS, the Director of Finance delivered a memo to the Metropolitan Council prior to the passage of the Initial Resolution providing a more detailed statement regarding the public works projects to be authorized by the Initial Resolution including that $18,000,000 of the authorized funding would be spent on bridges; and,
WHEREAS, the Metropolitan Council was further advised verbally that this $18,000,000 of authorized funding was intended to be spent on a Gulch Pedestrian Bridge, though this level of detailed information was not included in the Initial Resolution; and,
WHEREAS, over time the priorities of the Metropolitan Government have shifted and now the Metropolitan Government desires to reallocate the Gulch Pedestrian Bridge allocation to a variety of other public works projects throughout the county, two of which are addressed by Resolution RS2019-100; and,
WHEREAS, it is the intent of the Metropolitan Council that nothing herein amends or modifies the Initial Resolution; and,
WHEREAS, the Metropolitan Council desires to affirm the Initial Resolution and consent to the changing priorities in public works project needs.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY (TENNESSEE):
Section 1. Resolution RS2013-710, with such authorization reductions provided by Resolution RS2018-1453 and RS2019-99, is hereby affirmed.
Section 2. The Metropolitan Council finds that public infrastructure priorities have shifted and the need for county-wide public works projects outweighs the current need for a pedestrian bridge in the gulch area.
Section 3. The Metropolitan Government shall reallocate $16,950,000 originally intended for the Gulch Pedestrian Bridge to a variety of public works projects as more specifically described on Exhibit A.
Section 4. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Bob Mendes, Tonya Hancock
Referred toBudget and Finance Committee
IntroducedDecember 3, 2019
AdoptedDecember 3, 2019
ApprovedDecember 9, 2019
Requests for ADA accommodation should be directed to the Metropolitan Clerk at 615-862-6770.
Last Modified: 12/10/2019 12:53 PM