RESOLUTION NO. RS2000-219

Initial resolution determining to issue general obligation bonds of The Metropolitan Government of Nashville and Davidson County in an aggregate principal amount of not to exceed two hundred twenty million dollars ($220,000,000.00).

Whereas, it is necessary and in the public interest of The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") to issue general obligation bonds (the "Bonds") in an aggregate principal amount not to exceed $220,000,000.00 for the purposes hereinafter provided; and

Whereas, pursuant to Section 9-21-205, Tennessee Code Annotated, prior to the issuance of any general obligation bonds, the governing body of the local government proposing to issue said bonds shall adopt a resolution determining to issue the same; and

Whereas, for the purpose of complying with the requirements of said statute, the Metropolitan County Council of the Metropolitan Government adopts this resolution.

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

Section 1. Purpose. For the purpose of providing all or a portion of the funds to pay for the public works projects hereinafter described, or to reimburse the Metropolitan Government for funds previously spent for said projects, including, without limitation, through inter-fund borrowing relating to the same, and to pay legal, fiscal, architectural, administrative and engineering costs incident thereto and incident to the issuance and sale of the Bonds described herein, the Metropolitan County Council hereby determines to issue the Bonds in an aggregate principal amount of not to exceed $220,000,000.00. The public works projects to be financed with the Bonds described herein are as follows:

(a) the construction and equipping of improvements to the public school system of the Metropolitan Government, including construction and equipping of school buildings and facilities and the purchase of land and interests in land in connection therewith; and

(b) the renovation, repair or refurbishment of certain improvements known as the Parthenon and located in Centennial Park;

Section 2. Authorization. The Bonds described herein shall be issued pursuant to the Charter of the Metropolitan Government and/or the Local Government Public Obligations Act of 1986, as amended, codified as Title 9, Chapter 21, Tennessee Code Annotated, and no referendum or election shall be required for the issuance of the Bonds unless a petition for an election relating to their issuance is filed within the time and in the manner provided for in said statute.

Section 3. Interest. The maximum rate of interest of the Bonds shall not exceed seven percent (7%) per annum.

Section 4. Source of Payment. The principal of, premium, if any, and interest on the Bonds shall be payable from and secured by ad valorem taxes to be levied on all taxable property in the General Services District of the Metropolitan Government, without limitation as to time, rate or amount. The Bonds will be direct general obligations of the Metropolitan Government, and the full faith and credit of the Metropolitan Government, together with the taxing power of the Metropolitan Government as to all taxable property in the General Services District, will be hereby irrevocably pledged.

Section 5. Publication of Resolution. The Metropolitan Clerk is hereby directed to cause this Resolution, upon its adoption, together with the statutory notice required by Section 9-21-206, Tennessee Code Annotated, to be published in full once in a newspaper published and having general circulation in the Metropolitan Government.

Section 6. Effective Date. 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: Eileen Beehan

AMENDMENT NO. 1

TO 

RESOLUTION NO. RS2000-219

Mr. President:

I moved to amend Resolution No. RS2000-219 by attaching to said resolution the project description and amounts attached hereto.

Sponsored by:  Eileen Beehan
Amendment Adopted:  May 16, 2000

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	May 16, 2000
Amended:	May 16, 2000
Adopted:	May 16, 2000
Approved:	May 18, 2000
By:
Effective Date:	May 23, 2000