SUBSTITUTE RESOLUTION NO. SR99-1581
A substitute initial resolution determining to issue general obligation bonds of the Metropolitan Government of Nashville and Davidson County in an aggregate principal amount of not to exceed nine million seven hundred fifty thousand dollars ($9,750,000).
Whereas, it is necessary and in the public interest of The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") to issue general obligation bonds (the "Bonds") in an aggregate principal amount not to exceed $9,750,000 for the purposes hereinafter provided; and
Whereas, pursuant to Section 9-21-205, Tennessee Code Annotated, prior to the issuance of general obligation bonds, the governing body of the local government proposing to issue said bonds shall adopt a resolution determining to issue the general obligation bonds; and
Whereas, for the purpose of complying with the requirements of said statute, the Metropolitan County Council of the Metropolitan Government adopts this resolution.
Now, Therefore, be it resolved by the Metropolitan County Council of The Metropolitan Government of Nashville and Davidson County, as follows:
Section 1. Purpose. For the purpose of providing funds (i) to purchase certain land and improvements thereon within an area to be known as the Central State Redevelopment Plan, as contained in Ordinance No. O99-1763 of the Metropolitan Council, as it shall be from time to time amended and finally approved by the Metropolitan Council, and to demolish any buildings and structures therein, relocate residents or occupants thereof, and generally prepare said land for redevelopment and exercise all powers with respect to redevelopment projects and urban renewal projects with respect to the Central State Redevelopment Project, as provided in Sections 13-20-201, et seq., Tennessee Code Annotated; (ii) to construct, reconstruct, renovate, improve and acquire streets, roads, driveways, parking, utilities, drainage, under-road electric service, water, sewer and storm water system improvements, curb cuts, site preparation, grading and environmental remediation with respect to the Central State Redevelopment Project in and for the Metropolitan Government; (iii) to reimburse the Metropolitan Government for funds spent for said projects prior to the issuance of the bonds described herein; and (iv) to pay legal, fiscal, architectural, administrative, engineering and other costs incident to the construction of said projects and incident to the issuance and sale of the bonds described herein, or in the alternative, for the purpose of contributing all or a portion of said funds to the Metropolitan Development and Housing Agency to be used for any or all of said purposes and for the payment of incidental and necessary expenses in connection therewith, the Metropolitan Council hereby determines to issue general obligation bonds of The Metropolitan Government of Nashville and Davidson County in an aggregate principal amount of not to exceed $9,750,000.
Section 2. Authorization. The Bonds described herein shall be issued pursuant to the Charter of the Metropolitan Government and/or the Local Government Public Obligations Act of 1986, as amended, codified as Title 9, Chapter 21, Tennessee Code Annotated, and no referendum or election shall be required for the issuance of the Bonds unless a petition for an election relating to their issuance is filed within the time and in the manner provided for in said statute.
Section 3. Interest. The maximum rate of interest any of the Bonds shall bear shall not exceed seven percent (7%) per annum.
Section 4. Source of Payment. The principal of, premium, if any, and interest on the Bonds shall be payable from and secured by ad valorem taxes to be levied on all taxable property in the General Services District of the Metropolitan Government, without limitation as to time, rate or amount. The Bonds will be direct general obligations of the Metropolitan Government, and the full faith and credit of the Metropolitan Government, together with the taxing power of the Metropolitan Government as to all taxable property in the General Services District, will be hereby irrevocably pledged.
Section 5. Sale and Issuance of the Bonds Conditioned on Council Approval. The Bonds shall be sold, awarded and issued upon terms and conditions to be determined by the Metropolitan County Council pursuant to a detailed bond resolution. None of the Bonds shall be sold, awarded or issued until the Metropolitan County Council has adopted said resolution.
Section 6. Publication of Resolution. The Metropolitan Clerk is hereby directed to cause this Resolution, upon its adoption, together with the statutory notice required by Section 9-21-206, Tennessee Code Annotated, to be published in full once in a newspaper published and having general circulation in the Metropolitan Government.
Section 7. Effective Date. 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: Charles Fentress
|Referred to:||Budget & Finance Committee|
|Introduced:||June 15, 1999|
|Adopted:||June 15, 1999|
|Approved:||June 21, 1999|