An ordinance adopting the Debt Management Policy for the Metropolitan Government of Nashville and Davidson County.
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 adopted its debt management policy in Resolution No. RS2011-94 pursuant to the State Funding Board’s statement on debt management; and,
WHEREAS, by Ordinance No. BL2017-726, the Metropolitan Government codified the requirement to adopt and maintain a debt management policy that includes specified provisions in addition to those required by the State Funding Board is codified; and,
WHEREAS, the revised Debt Management Policy for the Metropolitan Government, a copy of which is attached hereto as Exhibit A, includes both the specific provisions required by Ordinance No. BL2017-726 and the mandatory provisions of the State Funding Board statement on debt management; and,
WHEREAS, it is fitting and proper that the Metropolitan Council officially adopt the Debt Management Policy for the Metropolitan Government.
NOW THEREFORE, BE IT ENACTED 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 Ordinance, and incorporated herein by reference.
Section 2. This Ordinance shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Sponsored by: Bob Mendes, Tanaka Vercher, Burkley Allen
|Introduced:||November 7, 2017|
|Passed First Reading:||November 7, 2017|
|Referred to:||Budget & Finance Committee|
|Passed Second Reading:||November 21, 2017|
|Passed Third Reading:||December 5, 2017|
|Approved:||December 6, 2017|
Requests for ADA accommodation should be directed to the Metropolitan Clerk at 615/862-6770.