RESOLUTION NO. RS2015-1371
A resolution amending Resolution No. RS2013-710 pertaining to capital funds for the Bus Rapid Transit – East West Connector (“the AMP”) project.
WHEREAS, On June 11, 2013, the Metropolitan County Council (the “Council”) approved Resolution No. RS2013-710 as an initial resolution determining to issue general obligation bonds of The Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”) in an aggregate principal amount of not to exceed $300,000,000 (the “Bonds”); and
WHEREAS, upon the adoption of Resolution No. RS2013-710, the Council authorized the funding of various capital projects included in the 2013 Capital Spending Plan, which included $7,500,000 for the Bus Rapid Transit – East West Connector (“the AMP”) project; and
WHEREAS, Section 1 of Resolution No. RS2013-710 authorizes the issuance of Bonds for “vehicles, equipment, facilities, and other capital improvements for the Metropolitan Transit Authority (including monies for a grant match)”; and
WHEREAS, the Council deems it to be in the best interest of the Metropolitan Government that the remaining capital funds for the AMP project authorized by Resolution No. RS2013-710 be terminated.
NOW, THEREFORE BE IT RESOLVED BY THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That Resolution No. RS2013-710 is hereby amended by renumbering Section 6 as Section 7 and by adding the following new Section 6:
Section 6. Notwithstanding any provision of Section 1 of this Resolution to the contrary, no Bonds (or notes or other debt obligations issued in anticipation of the Bonds) shall be used to fund costs in excess of Three Million Dollars ($3,000,000) in connection with the design, construction, and/or streetscape improvements for the Bus Rapid Transit – East West Connector (“the AMP”) project.
Section 2. The provisions of Section 1 of this Resolution shall not preclude the Metropolitan Government from issuing general obligation bonds under the authority of Resolution No. RS2013-710 for the purposes of retiring any Commercial Paper Notes issued to finance costs of the AMP project up to a total of Three Million Dollars ($3,000,000), and paying issuance and interest costs related thereto, as authorized by Resolution No. RS2013-710.
Section 3. All remaining provisions of Resolution No. RS2013-710 shall remain in full force and effect.
Sponsored by: Charlie Tygard
|Referred to:||Budget & Finance Committee|
|Introduced:||February 3, 2015|
|Adopted:||February 3, 2015|
|Approved:||February 4, 2015|
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