RESOLUTION NO. RS2013-786
A resolution authorizing the execution and delivery of the second amendment to the amended and restated intergovernmental project agreement with the Sports Authority of the Metropolitan Government of Nashville and Davidson County related to the Nashville Arena.
WHEREAS, The Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”) has previously entered into that certain Amended and Restated Intergovernmental Project Agreement (Arena Project) (the “Intergovernmental Agreement”) with The Sports Authority of The Metropolitan Government of Nashville and Davidson County (the "Authority"), dated April 18, 2008, relating to the ownership, operation and financing of the Nashville Arena, now known as the Bridgestone Arena (the “Arena”); and,
WHEREAS, the Intergovernmental Agreement was amended by a First Amendment to Amended and Restated Intergovernmental Agreement (Arena Project), dated July 20, 2010, executed and delivered by the Metropolitan Government and the Authority; and,
WHEREAS, the Intergovernmental Agreement, as amended, only contemplates the issuance of the Inducement Fee Bonds under the Trust Indenture and does not contemplate the issuance of future bonds under the Trust Indenture (the “Arena Bonds”) payable from certain revenues pursuant to the terms of the Trust Indenture or other revenues and payments pursuant to the terms of the Intergovernmental Agreement; and,
WHEREAS, the Metropolitan Government now desires to further amend the Intergovernmental Agreement by execution and delivery of a Second Amendment to Amended and Restated Intergovernmental Project Agreement (Arena Project) for the purposes of (i) acknowledging the application of certain revenues to the payment of debt service on the Arena Bonds pursuant to the terms of the Trust Indenture, as amended, and (ii) providing for the application of certain revenues and payments to the payment of debt service on the Arena Bonds pursuant to the terms of the Intergovernmental Agreement, as amended.
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY AS FOLLOWS:
Section 1. That the Second Amendment to Amended and Restated Intergovernmental Project Agreement (Arena Project) attached hereto as Exhibit A is hereby approved, and the Metropolitan Mayor is hereby authorized to execute, and the Metropolitan Clerk is hereby authorized to attest, it on behalf of the Metropolitan Government.
Section 2. That capitalized terms not otherwise defined herein shall have the meanings ascribed in the Intergovernmental Agreement.
Section 3. That 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 and this Resolution shall be in immediate effect from and after its adoption.
Sponsored by: Lonnell Matthews
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|Referred to:||Budget & Finance Committee
Convention, Tourism Committee and Public
|Introduced:||August 6, 2013|
|Adopted:||August 6, 2013|
|Approved:||August 8, 2013|
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