RESOLUTION NO. RS2010-1139
Initial resolution determining to issue general obligation bonds of The Metropolitan Government of Nashville and Davidson County (Tennessee) in an aggregate principal amount of not to exceed Seventeen Million Dollars.
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 in an aggregate principal amount of not to exceed $17,000,000 (the "Bonds") for the purposes hereinafter provided; 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 purposes of financing (a) all or a portion of the costs of design, construction, renovation, improvement, repair, maintenance and equipping of Metropolitan Government school buildings and facilities, (b) acquisition of all property, real and personal, appurtenant to the foregoing, (c) legal, fiscal, administrative, architectural and engineering costs incident to all the foregoing, (d) all other costs authorized to be financed pursuant to Section 9-21-109, Tennessee Code Annotated, including without limitation, costs of issuance of the Bonds, and (e) the payment or reimbursement of the payment of principal of and interest on any bonds, notes or other debt obligations issued in anticipation of the Bonds, the Metropolitan County Council hereby determines to issue the Bonds in an aggregate principal amount of not to exceed $17,000,000.
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 of the Bonds shall not exceed seven and one quarter percent (7.25%) or the maximum rate permitted by applicable law.
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 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, will be hereby irrevocably pledged.
Section 7. 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 8. Effective Date. This Resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government requiring it.
Sponsored by: Ronnie Steine
|Referred to:||Budget & Finance Committee|
|Introduced:||March 16, 2010|
|Adopted:||March 16, 2010|
|Approved:||March 17, 2010|