A resolution ratifying an agreement with the Treasury Department of the State of Tennessee in order to deposit local funds for Local Program No. 3349, Bridge over CSX Railroad (LM 1.57), on Chestnut Street.

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, Ordinance No. BL2001-945, approves a contract between the Tennessee Department of Transportation and The Metropolitan Government of Nashville and Davidson County for Local Project No. 3349, Bridge over CSX Railroad (LM 1.57) on Chestnut Street; and

Whereas, Ordinance No. O85-740 authorizes the Metropolitan County Mayor to execute any and all agreements necessary to implement the Local Government Investment Pool Program; and

Whereas, Ordinance No. O85-740 also requires that the Local Government Investment Pool Agreement be ratified by resolution of the Metropolitan County Council;

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

Section 1. 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 Local Project No. 3349, Bridge over CSX Railroad (LM 1.57) on Chestnut Street, a copy of which is attached, and made a part of this resolution, be and the same is hereby ratified by the Metropolitan Government, and the Metropolitan County Mayor is authorized to execute said agreement.

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

Sponsored By: Amanda McClendon, Jim Shulman

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee Public Works Committee
Introduced:	February 19, 2002
Deferred:	February 19, 2002
Adopted:	March 19, 2002
Approved:	March 25, 2002
By: