A resolution supplementing and amending Resolution No. RS2007-1811 of The Metropolitan Government of Nashville and Davidson County and awarding the sale of the Metropolitan Government’s General Obligation Refunding Bonds, Series 2007A.

WHEREAS, on March 20, 2007, the Metropolitan Council (the “Council”) of The Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”), adopted Resolution No. RS2007-1811 (the “Resolution”), authorizing the issuance, sale and delivery by the Metropolitan Government of general obligation bonds, in the aggregate principal amount of not to exceed $210,000,000 for the purposes described therein; and
WHEREAS, said bonds have been advertised for public sale in accordance with Tennessee law (the “Notice of Sale”); and
WHEREAS, bids have been received for the bonds offered for sale and it is in the best interest of the Metropolitan Government to award the sale of said bonds to the bidder submitting the lowest bid; and
WHEREAS, it has been determined that it is advantageous to the Metropolitan Government to make certain changes to the terms of the bonds as set forth in the Resolution in order to sell the bonds on terms most favorable to the Metropolitan Government; and
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Metropolitan Council of The Metropolitan Government of Nashville and Davidson County, as follows:

Receipt of Bids.  Pursuant to the Notice of Sale, the following bids were received for the bonds described on Exhibit A hereto (the “Series 2007A Bonds”):



Goldman, Sachs & Co.


Banc of America Securities LLC


Morgan Stanley & Co Inc.


Lehman Brothers


Morgan Keegan & Company, Inc.


UBS Securities LLC


Citigroup Global Markets Inc.


Wachovia Bank, National Association


Merrill Lynch & Co.


Successful Bidder.  The Council has reviewed all bids received with respect to the Series 2007A Bonds and the bid of Goldman, Sachs & Co., New York, New York (the “Purchaser”) is the bid which results in the lowest true interest cost to the Metropolitan Government, and in all respects complies with the Notice of Sale.

Award of Bonds.  It is hereby ordered that the bid of the Purchaser attached hereto be and the same is hereby accepted, and the Council hereby awards and sells to the Purchaser the Series 2007A Bonds described on Exhibit A in the aggregate principal amount of $186,890,000.00, at a purchase price of $199,247,841.65, representing the principal amount of the Bonds, plus net original issue premium of $12,632,569.95, less underwriter’s discount of $274,728.30.

Terms of Bonds; Identification of Refunded Bonds.  The Series 2007A Bonds shall have the terms set forth on Exhibit A attached hereto.  The outstanding bonds to be refunded with the proceeds of the Series 2007A Bonds are identified on Exhibit A.

Amendments.  Sections 4.3(a) and 5.1(b) of the Resolution, and the form of the bond attached to the Resolution, are hereby amended to conform to the terms of the Series 2007A Bonds set forth on Exhibit A attached hereto.  Except as set forth on Exhibit A, the Series 2007A Bonds shall be issued in accordance with the Resolution.

Good Faith Deposit.  The Director of Finance of the Metropolitan Government is hereby authorized and directed to accept as the good faith deposit for the Series 2007A Bonds awarded hereunder the Good Faith Deposit Financial Surety Bond issued by Financial Security Assurance, Inc.

Conflicting Resolutions.  All other resolutions and orders, or parts thereof, in conflict with the provisions of this resolution are, to the extent of such conflict, hereby repealed.

Effectiveness.  This resolution shall be in immediate effect from and after its adoption, the welfare of the Metropolitan Government requiring it.

Sponsored by: Rip Ryman

View Exhibit


Referred: Budget & Finance Committee 
Introduced: April 3, 2007
Substitute Introduced: April 3, 2007
Adopted: April 3, 2007
Approved: April 5, 2007