A resolution amending Resolution No. RS2001-510 to authorize the refunding of additional bonds thereunder and increase the principal amount of general obligation multi-purpose refunding bonds authorized to be issued thereunder.

WHEREAS, pursuant to Resolution No. RS2001-510 of the Metropolitan County Council (the "Metropolitan Council") of the Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government"), adopted February 6, 2001, the Metropolitan Council has authorized the issuance and sale of not to exceed $291,000,000 in aggregate principal amount of General Obligation Multi-Purpose Refunding Bonds for the purpose of providing funds for the refunding and refinancing of certain outstanding bonds of the Metropolitan Government, more fully described therein; and

WHEREAS, on March 7, 2001, pursuant to the authorization contained in Resolution RS2001-510, the Metropolitan Government issued $73,745,000 in aggregate principal amount of General Obligation Multi-Purpose Refunding Bonds, Series 2001B (the "Series 2001B Bonds"), for the purpose of refunding some, but not all, of the outstanding bonds of the Metropolitan Government authorized to be refunded by Resolution No. RS2001-510; and

WHEREAS, Resolution No. RS2001-510 authorizes the issuance of the bonds authorized thereunder in one or more series; and

WHEREAS, market conditions now make it possible to refund and refinance at a cost savings to the Metropolitan Government all or part of the outstanding bonds authorized to be refunded by Resolution No. RS2001-510, but not refunded by the Series 2001B Bonds, and certain additional outstanding bonds of the Metropolitan Government not authorized to be refunded by Resolution No. RS2001-510; and

WHEREAS, for the purpose of authorizing the refunding and refinancing of certain additional outstanding bonds of the Metropolitan Government, more fully described herein, increasing the authorized principal amount of bonds which may be issued pursuant to Resolution No. RS2001-510, providing for the issuance of an additional series of bonds pursuant to Resolution No. RS2001-510, and making certain additional changes to Resolution No. RS2001-510 as shall be appropriate, the Metropolitan Council deems it necessary and desirable to adopt 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. The definition of "Bonds" contained in Section 1.1 of Resolution No. RS2001-510 is hereby amended to change the amount of Bonds authorized to be issued, as set forth therein, from $291,000,000 to $336,000,000, it being the intent of the Metropolitan Council that the total principal amount of bonds authorized to be issued under Resolution No. RS2001-510, as amended herein, shall not exceed $336,000,000, $73,745,000 of which have already been issued as the General Obligation Multi-Purpose Refunding Bonds, Series 2001B, of the Metropolitan Government, leaving a remaining authorization of $262,255,000.

Section 2. The definition of "Refunded Bonds" contained in Section 1.1 of Resolution No. RS2001-510 is hereby deleted and substituted in lieu thereof shall be the following:

"Refunded Bonds" means the Series 1994 Bonds, the Series 1995 Bonds, the Series 1996 Bonds, the Series 1996A Bonds, and the Series 1997A Bonds.

Section 3. The following definition shall be added in the appropriate place in Section 1.1 of Resolution No. RS2001-510.

"Series 1997A Bonds" means those maturities of the Metropolitan Government's outstanding General Obligation Multi-Purpose Improvement Bonds, Series 1997A, dated October 15, 1997, designated by the Director of Finance, in consultation with the Metropolitan Government's Financial Advisor, whose refunding, either alone or with other refunded bonds, will achieve the cost savings objectives of the Metropolitan Government.

Section 4. Section 4.1 of Resolution No. RS2001-510 is hereby amended to change the amount appearing therein from Two Hundred Ninety-One Million Dollars ($291,000,000) to Three Hundred Thirty-Six Million Dollars ($336,000,000).

Section 5. Section 4.3(a) of Resolution No. RS2001-510 is hereby amended to delete the date October 15, 2021 appearing in the last sentence thereof and substituting in lieu thereof October 15, 2026.

Section 6. The form of the Bond attached to Resolution No. RS2001-510 as Exhibit A is hereby amended to conform the terms thereof to the amendments contained herein.

Section 7. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, hereby repealed.

Section 8. This resolution shall take affect from and after its adoption, the welfare of the Metropolitan Government requiring it.

Sponsored by:Jim Shulman

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	October 16, 2001
Adopted:	October 16, 2001
Approved:	October 17, 2001
By: