RESOLUTION NO. RS2005-848
Initial resolution determining to issue general obligation bonds of The Metropolitan Government of Nashville and Davidson County in an aggregate principal amount not to exceed Two Hundred Eighty-Six Million Eight Hundred Seven Thousand One Hundred Dollars ($286,807,100) to be financed by the ad valorem levy on property in the general services district and in an aggregate principal amount of Eighteen Million Nine Hundred Thirty Thousand Dollars ($18,930,000) to be financed by the ad valorem levy on property in the urban services district.
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 $286,807,100 to be financed by the ad valorem levy on property in the general services district ("GSD Bonds") and $18,930,000 to be financed by the ad valorem levy on property in the urban services district ("USD Bonds") for the purposes hereinafter provided (both GSD Bonds and USD Bonds are sometimes collectively referred to herein as the "Bonds"); and
WHEREAS, pursuant to Section 9-21-205, Tennessee Code Annotated, prior to the issuance of any general obligation bonds, the governing body of the local government proposing to issue said bonds shall adopt a resolution determining to issue the same; 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:
Section 1. Purpose. For the purpose of providing "the Public Works Projects" shall mean all or a portion of the funds to pay for the Public Works Projects hereinafter described, or to reimburse the Metropolitan Government for funds previously spent for said projects, including, without limitation, through inter-fund borrowing relating to the same, and to pay legal, fiscal, architectural, administrative, construction program or projects management costs, including, without limitation, supervisory and administrative costs necessary to carry out the program or the projects contemplated by this Resolution, and engineering costs incident thereto and incident to the issuance and sale of the Bonds described herein. The Metropolitan County Council hereby determines to issue the GSD Bonds in an aggregate principal amount of not to exceed $286,807,100 and the USD Bonds in an aggregate principal amount of not to exceed $18,930,000. The Public Works Projects to be financed with the GSD Bonds include, without limitation, the acquisition of real and personal property, construction, equipment, renovation, and improvements, as well as any other authorized use of bond proceeds now existing or hereinafter authorized by applicable law relating to: (1) Convention Center Capital Projects; (2) installation, enhancement and advancement of E.Budget Project; (3) major maintenance of several facilities; (4) upgrades/ enhancements to EBS and other computer systems; (5) implementation of warehouse study recommendations; (6) Howard Campus infrastructure; (7) renovation, construction and modification to Howard Office Building; (8) Lindsey Hall modifications; (9) E-Procurement, Contract and Grants Management Systems; (10) City Hall renovations; (11) Ben West Building renovations; (12) Tennessee State Fair roof projects (13) furniture, fixtures and equipment for Beverly Briley Building; (14) Farmers Market repair projects; (15) modifications to the former Genesco Facility (now Metro Southeast) for the following agencies transferring there: Elections, Fire, General Services, Health-Food Distribution, Human Resources, Metropolitan Clerk-Records, OEM- Vehicle Storage, Police, Schools, and Transportation Licensing; (16) capital contribution to Adventure Science Center; (17) capital contribution to Country Music Hall of Fame; (18) capital contribution to Frist Center for the Visual Arts; (19) capital contribution to Nashville Symphony; (20) capital contribution to Children's Theatre; (21) purchase of radio units; (22) radio infrastructure; (23) Telecommunications Project; (24) Shared Services Project; (25) expansion and renovation of Lentz Public Health Facility; (26) establishment of Hospital Integrated Information System; (27) improvements to Open Justice Information Exchange System; (28) Dudley Building renovations and additions; (29) John Henry Hale Homes - Hope VI Grant and Local Matching Funds; (30) infrastructure for Arts Center Redevelopment Area-the Gulch; (31) projects for the public school system, including replacement of school buses and other vehicles, ADA compliance, various construction and renovation projects, various repair and replacement projects, improvements to various facilities and athletic fields, and Energy Retrofits; (32) transit improvements, including purchase of buses and paratransit vehicles, transfer of $7.1 million from self-funding to bond funds, capital funding, and inter-modal transfer facilities; (33) implementation of the Master Plan for Parks and Greenways; (34) deferred and on-going maintenance of park buildings and facilities; (35) capital contribution to Nashville Zoo; (36) police improvements, including records management system software replacement and construction of East Precinct; (37) replacement of Goodlettsville Branch Library; (38) construction of Bellevue Branch Library; (39) bridge maintenance, repair, and rehabilitation at various locations; (40) bridge drainage replacement and repairs; (41) improvements to Demonbreun Bridge; (42) replacement of safety lighting on selected downtown corridors; (43) roadway maintenance; (44) construction and improvement of sidewalks; (45) state route paving program, including sidewalks and ramps; (46) traffic signal modification for ADA compliance; (47) roadway improvements; (48) construction of bikeways; (49) equipment for parking garage at Courthouse; (50) State Fair Board improvements, including improvements to Grandstands for ADA compliance, renovation of Vaughn Building, door replacements, maintenance and repair of various items at State Fair Ground, and replacement of dumpsters; (51) construction of new headquarters for Fire Department; and (52) ITS improvements, including provision of data network for contingent RPS projects, provision of voice network for Metro RPS projects, provision of upgraded voice network for RPS projects, imaging technology, network security control, business continuity and disaster recovery, tax accounting system, enterprise services upgrade, and purchase of database servers, all as further described in Exhibit A hereto. The Public Works Projects to be financed with the USD Bonds include, without limitation, the acquisition of real and personal property, construction, equipment, renovation, and improvements, as well as any other authorized use of bond proceeds now existing or hereinafter authorized by applicable law relating to: (1) construction and improvement of sidewalks; (2) state route paving program, including sidewalks and ramps; (3) modification of traffic signal equipment; (4) traffic signal modification for ADA compliance; (5) maintenance and enhancement of Woodland Street Bridge; and (6) Bordeaux Landfill Cap Remediation Pre-1990 Areas, all as further described in Exhibit A hereto. With regard to both GSD Bonds and USD Bonds, the Public Works Projects to be financed by the Bonds include the acquisition or construction of certain public art as required by Ordinance No. BL2000-250.
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. Use of Proceeds for Technology. No proceeds from the issuance of the Bonds as provided herein shall be used for the acquisition, purchase or upgrading of any technology unless and until the Director of Finance has conducted a cost-benefit or other economic analysis as to the most efficient use of such proceeds and has authorized the expenditure of the same.
Section 4. Interest. The maximum rate of interest of the Bonds shall not exceed seven percent (7%) per annum.
Section 5. 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 for the GSD Bonds and the Urban Services District for the USD Bonds, will be hereby irrevocably pledged.
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: Diane Neighbors
Resolution No. RS2005-848
I move to amend Resolution No. RS2005-848 by amending Exhibit A as referenced in Section 1 as follows:
1. By reducing the amount for project ID No. 06PW0019, SIDEWALKS - CONSTRUCT/IMPROVE GSD, by $2,000,000.
2. By increasing the amount of project ID No. 02PR012, MASTER PLAN FOR METRO PARKS/GREENWAYS - IMPLEMENTATION, by $2,000,000.
Sponsored by: Charlie Tygard
|Referred:||Budget & Finance Committee|
|Introduced:||June 7, 2005|
|Deferred to July 19, 2005:||June 7, 2005|
|Deferred to August 16, 2005:||July 19, 2005|
|Amended:||August 16, 2005|
|Adopted:||August 16, 2005|
|Approved:||August 18, 2005|