RESOLUTION NO. RS2009-745
Resolution terminating the authority of The Metropolitan Government of Nashville and Davidson County (Tennessee) to issue general obligation bonds pursuant to certain initial resolutions previously adopted by the Metropolitan County Council, and repealing Resolution RS2004-328.
WHEREAS, the Metropolitan County Council has from time to time authorized the issuance of general obligations bonds to finance specified public works projects; and
WHEREAS, in order to authorize such general obligation bonds the Metropolitan County Council adopted on June 15, 1999 Resolution RS99-1581, on May 16, 2000 Resolution RS2000-219, on October 17, 2000 Resolution RS2000-375, on December 18, 2001 Resolution RS2001-827, on October 15, 2002 Resolution RS2002-1177, on July 20, 2004 Resolution RS2004-330, on November 16, 2004 Resolution RS2004-576 and Resolution RS2004-577, on August 16, 2005 Resolution RS2005-848, on August 15, 2006 Resolution RS2006-1329 and on July 17, 2007 Resolution RS2007-2009 (collectively, the “Initial Resolutions”); and
WHEREAS, the Metropolitan County Council adopted on June 19, 2007 Resolution RS2007-2010, authorizing a commercial paper program for the purpose of issuing notes (“Commercial Paper Notes”) in anticipation of the bonds authorized by the Initial Resolutions and future initial resolutions; and
WHEREAS, pursuant to the Initial Resolutions the Metropolitan Government has authorized the issuance of general obligations bonds in an aggregate amount not to exceed $1,941,064,211; and
WHEREAS, pursuant to the authorization of the Initial Resolutions the Metropolitan Government has issued general obligation bonds in the aggregate amount of $1,326,320,000; and
WHEREAS, the Metropolitan Government has determined that it will not issue additional bonds to finance the public works projects authorized in the Initial Resolutions, other than to retire any outstanding Commercial Paper Notes; and
WHEREAS, the Metropolitan Government is adopting this Resolution to terminate the authority to issue additional general obligation bonds under the Initial Resolutions, other than to retire any outstanding Commercial Paper Notes; and
WHEREAS, the Metropolitan County Council wishes to repeal Resolution RS2004-328, which authorized the issuance of bond anticipation notes that will be issued, if at all, as Commercial Paper Notes.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY (TENNESSEE):
Section 1. Termination of Authorization. The authorization to issue additional general obligation bonds pursuant to the Initial Resolutions is hereby terminated except that the Metropolitan Government may issue general obligation bonds under the authority of the Initial Resolutions for the purposes of retiring any Commercial Paper Notes outstanding as of the effective date of this Resolution (the “Outstanding Notes”), and paying issuance and interest costs related thereto, as authorized by the Initial Resolutions.
Section 2. Use of Unspent Proceeds. Any unspent proceeds of the Outstanding Notes shall be used only for projects described in the Initial Resolutions.
Section 3. Repeal of Previous Resolution. Resolution RS2004-328 is hereby repealed in its entirety.
Section 4. Effectiveness of Provisions. The provisions of this Resolution shall take effect only upon the happening of all of the following: (a) the adoption of Resolution No. ________, (b) the publication of said resolution as required by Tennessee Code Annotated Section 9-21-206, and (c) the conclusion of the no-protest period described in Tennessee Code Annotated Section 9-21-206 without there being filed a protest sufficient to require a referendum under Tennessee Code Annotated Section 9-21-207.
Section 5. 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: Jim Forkum
|Referred to:||Budget & Finance Committee|
|Introduced:||May 19, 2009|
|Deferred:||May 19, 2009|
|Deferred:||June 2, 2009|
|Adopted:||June 9, 2009|
|Approved:||June 10, 2009|