ADOPTED 04/06/1999

RESOLUTION NO. R99-1495

A resolution ratifying an agreement with the Treasury Department of the State of Tennessee in order to deposit local funds for Project STP-M-4167(2), Elm Hill Pike, Spence Lane to Massman Drive, in the Local Government Investment Pool.

Whereas, the Local Government Investment Pool Program was established by Chapter 545 of Public Acts of 1982; and

Whereas, pursuant to the Law local share funds relative to Tennessee Department of Transportation Projects can be deposit in the Local Government Investment Pool thereby allowing same to earn interest until used, or spent on the project; and

Whereas, provisions of the Local Government Investment Pool Program requires an agreement from the Local Agency which approves its participation, and establishes a separate LGIP Account for each Tennessee Department of Transportation Project with a local share of funds; and

Whereas, the Tennessee Department of Transportation and The Metropolitan Government of Nashville and Davidson County have a contract for Project STP-M-4167(2), Elm Hill Pike, Spence Lane to Massman Drive; and

Whereas, Ordinance No. O99-1564 authorizes the Metropolitan County Mayor to execute any and all agreements necessary to implement the Local Government Investment Pool Program; and

Whereas, Ordinance No. O99-1564 also requires that the Local Government Investment Pool Agreement be ratified by Resolution of the Metropolitan County Council; and,

Now, therefore, be it resolved by the Council of The Metropolitan Government of Nashville and Davidson County:

Section 1: That the Local Government Investment Pool Agreement between the Treasury Department of The State of Tennessee and The Metropolitan Government of Nashville and Davidson County for Project STP-M-4167(2), Elm Hill Pike, Spence Lane to Massman Drive, a copy of which is attached hereto, and made a part of this Resolution, be and the same is hereby ratified by the adoption of the Resolution.

Section 2: That the Metropolitan County Mayor is authorized to execute the attached Contract for Project STP-M-4167(2), Elm Hill Pike, Spence Lane to Massman Drive.

Section 3: That this Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored By: Don Majors & Charles Fentress

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee Public Works Committee
Introduced:	April 6, 1999
Adopted:	April 6, 1999
Approved:	April 8, 1999
By: