RESOLUTION NO. R98-1090

ADOPTED 04/07/1998

RESOLUTION NO. R98-1090

A RESOLUTION TO AMEND THE GENERAL PURPOSE SCHOOLS FUND BUDGET APPROPRIATION FOR FISCAL YEAR 1997-98 BY TRANSFERRING FUNDS TO FUTURE IMPROVEMENTS AND TO DECLARE THE INTENT OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY TO REIMBURSE ITSELF FOR CERTAIN EXPENDITURES IN ACCORDANCE WITH U.S. DEPARTMENT OF TREASURY REGULATIONS.

WHEREAS, Substitute Bill No. 097-792, "The Budget Ordinance", appropriated funds to the General Purpose School Fund of the Metropolitan Board of Education for Fiscal Year 1997-98; and

WHEREAS, one-time, excess funds resulting from the tax increase to finance "The Commitment to Excellence" were appropriated in The Budget Ordinance to the School Debt Service Fund in said budget; and

WHEREAS, in implementing the school construction projects the Metropolitan Board of Education must lease school portable buildings to house students displaced during construction; and

WHEREAS, it is also necessary for the Metropolitan Board of Education to undertake a comprehensive facility study to assess the condition of various school facilities; and

WHEREAS, it is the desire of the Metropolitan Council to transfer from Debt Service to Future Improvements money needed to lease portables and undertake a facilities study; and

WHEREAS, United States Department of Treasury regulations require the Metropolitan Government of Nashville and Davidson County to state its intention with respect to reimbursement of qualified expenditures.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AN DAVIDSON COUNTY:

SECTION 1. That the budget appropriations of the General Purpose School Fund for FY 1997-98 be amended and appropriated as follows:

Appropriations:

From: Transfer to Debt Service $3,150,000

To: Future Improvements

(Lease of Portables) $2,750,000

(Facilities Study) $ 400,000

TOTAL: $3,150,000

SECTION 2. The Metropolitan Government of Nashville and Davidson County hereby states that it reasonably expects to reimburse itself for qualified expenditures made by The Metropolitan Government of Nashville and Davidson County in connection with the appropriations herein. Future reimbursement of qualified expenditures shall be made to The Metropolitan Government of Nashville and Davidson County.

SECTION 3. This resolution constitutes a declaration of official intent under Treasury Regulation 1.150-2.

SECTION 4. This resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.