ORDINANCE NO. BL2014-696

An Ordinance amending Chapter 5.04 of the Metropolitan Code to require the Director of Finance to submit an annual debt report to the Metropolitan Council.

BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That Chapter 5.04 of the Metropolitan Code is hereby amended by adding the following new Section 5.04.110:

5.04.110 Debt report to the metropolitan council.

A. Not later than May 1 of each year, the director of finance shall submit a report to the metropolitan council providing a summary of the metropolitan government’s outstanding debt.
B. Such report shall be presented to the metropolitan council in conjunction with the presentation of the mayor’s proposed operating budget, and shall, at a minimum, include the following information:
1. The total amount of outstanding revenue and general obligation bonds that are secured by any portion of the general fund.
2. The anticipated debt service requirements for the next fiscal year.
3. A summary of all outstanding bonds, including the date of maturity, interest rate, projects funded with the bond proceeds, and the amount of principal and interest to be paid on each bond in the upcoming fiscal year.
4. A summary of commercial paper activity for the previous twelve month period, including each date commercial paper was taken out, the interest rate, the amount of commercial paper used for each capital project, and the maturity date of the commercial paper.

Section 2. That this Ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Phil Claiborne

Amendment No. 1
To
Ordinance No. BL2014-696

Madam President:

I move to amend Ordinance No. BL2014-696 by deleting Section 1 in its entirety and substituting with the following new Section 1:

Section 1. That Chapter 5.04 of the Metropolitan Code is hereby amended by adding the following new Section 5.04.110:

5.04.110 Debt report to the metropolitan council.

A. Not later than May 1 of each year, the director of finance shall submit a report to the metropolitan council providing a summary of the metropolitan government’s outstanding debt.
B. Such report shall be presented to the metropolitan council in conjunction with the presentation of the mayor’s proposed operating budget, and shall, at a minimum, include the following information:
1. The total amount of outstanding general obligation and revenue bonds compared to the amount outstanding on June 30 of the previous year.
2. The amount of contingent liability of the general fund (including all sources of revenue like sales taxes, property taxes and non-tax revenue) that arises from a pledge of any source(s) of revenue contributing to the general fund.
3. The anticipated debt service requirements for the next fiscal year.
4. The estimated percentage of the operating budget required to meet debt service obligations in the next fiscal year.
5. A summary of all outstanding bonds, including identification of the bonds as taxable or tax-exempt, the date of maturity, interest rate, projects funded with the bond proceeds, the amount of principal and interest to be paid on each bond in the upcoming fiscal year, and the bond ratings on outstanding debt from the applicable bond rating agencies.
6. A summary of commercial paper activity for the previous twelve month period, including each date commercial paper was taken out, the interest rate, and the maturity date of the commercial paper.
7. The gross and present value savings for any debt refunded since July 1of the current fiscal year.

Sponsored by: Phil Claiborne, Ronnie Steine

LEGISLATIVE HISTORY
Introduced:	March 4, 2014
Passed First Reading:	March 4, 2014
Referred to:	Budget & Finance Committee
Deferred:	March 18, 2014
Amended:	April 1, 2014
Passed Second Reading:	April 1, 2014
Passed Third Reading:	April 15, 2014
Approved:	April 16, 2014
By: