RESOLUTION NO. RS99-63

A resolution ratifying an agreement with the Treasury Department of the State of Tennessee in order to deposit local funds for construction of SR-11 (Nolensville Road) with Tusculum Road intersection project in the local government investment pool (Utility Contract No. 5424).

WHEREAS, Ordinance No. 099-1781 authorized the Metropolitan Government to enter into a contract with the State of Tennessee for the construction of certain utilities as part of State Project CM-STP-11(23), 19028-2233-54 and Metro Project Nos. 98-SG-175 & 98-WG-120 in the amount of $16,682.60; and

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 deposited 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 require 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 desire to invest the local share of funds for the construction of SR-11 (Nolensville Rd.) with Tusculum Rd. Intersection, State Project No. CM-STP-11(23), 19028-2233-54 in the Local Government Investment Pool; and

WHEREAS, Ordinance No. 85-740 authorizes the Metropolitan County Mayor to execute any and all agreements necessary to implement the Local Government Investment Pool Program; and

WHEREAS, Ordinance No. 85-740 also requires that the Local Government Investment Pool Agreement be ratified by resolution of the Metropolitan County Council.

WHEREAS, this work is identified in METRO’S CAPITAL IMPROVEMENTS BUDGET as Project Nos. 96-SG-0005 & 96-WG-0005

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 the construction of SR-11 (Nolensville Rd.) with Tusculum Rd. Intersection state project, four (4) copies of which are attached hereto, and made a part of the 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 agreement for construction of SR-11 (Nolensville Rd.) with Tusculum Rd. Intersection, State Project No. CM-STP-11(23), 19028-2233-54.

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

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee Public Works Committee
Introduced:	November 16, 1999
Adopted:	November 16, 1999
Approved:	November 18, 1999
By: