SUBSTITUTE RESOLUTION NO. RS2002-1210

A resolution supplementing and amending certain resolutions of The Metropolitan Government of Nashville and Davidson County and awarding the sale of the Metropolitan Government’s General Obligation Multi-Purpose Refunding Bonds, Series 2002.

WHEREAS, on February 6, 2001, the Metropolitan County Council (the "Council") of The Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”), adopted Substitute Resolution No. RS2001-510 ("Resolution No. RS2001-510"), authorizing the issuance, sale and delivery by the Metropolitan Government of general obligation refunding bonds, in the aggregate principal amount of not to exceed two hundred ninety-one million dollars ($291,000,000) for the purpose of refunding certain outstanding obligations described therein; and

WHEREAS, on March 7, 2001, the Metropolitan Government issued $73,745,000 in aggregate principal amount of General Obligation Multi-Purpose Refunding Bonds, Series 2001B (the "Series 2001B Bonds") pursuant to the terms of Resolution No. RS2001-510; and

WHEREAS, on October 16, 2001, the Council adopted Substitute Resolution No. RS2001-786 ("Resolution RS2001-786") to amend Resolution No. RS2001-510 to authorize the refunding of additional bonds thereunder and increase the principal amount of bonds authorized thereunder to $336,000,000; and

WHEREAS, on October 1, 2002, the Council adopted Substitute Resolution No. RS2002-1190 ("Resolution RS2002-1190") to amend Resolution RS2001-510, as amended (Resolution No. RS2001-510, as amended by Resolution No. RS2001-786 and Resolution No. RS2001-1190, is herein referred to as the “Resolution”) to authorize the refunding of additional bonds thereunder and approving the preparation and delivery of a preliminary official statement describing the bonds to be sold and issued thereunder; and

WHEREAS, said bonds have been advertised for public sale in THE BOND BUYER, a daily financial newspaper printed and published in New York, New York, and in THE TENNESSEAN, a newspaper of general circulation in the Metropolitan Government in accordance with Tennessee law (the "Notice of Sale"); and

WHEREAS, bids have been received for the bonds offered for sale and it is in the best interest of the Metropolitan Government to award the sale of said bonds to the bidder submitting the lowest bid; and

WHEREAS, it has been determined that it is advantageous to the Metropolitan Government to make certain changes to the terms of the bonds as set forth in the Resolution in order to sell the bonds on terms most favorable to the Metropolitan Government, to sell fewer than all the bonds authorized by the Resolution, and to refund fewer than all the bonds described in the Resolution.

NOW, THEREFORE, BE IT HEREBY RESOLVED by the Metropolitan County Council of The Metropolitan Government of Nashville and Davidson County, as follows:

1. Receipt of Bids. Pursuant to the Notice of Sale, duly published in accordance with Tennessee law, the following bids were received for the bonds described on Schedule A hereto (the “Series 2002 Bonds”):

2. Successful Bidder. The Council has reviewed all bids received with respect to the Series 2002 Bonds and the bid of Morgan Keegan & Co., Memphis, Tennessee (the "Purchaser") is the bid which results in the lowest true interest cost to the Metropolitan Government, and in all respects complies with the Notice of Sale.

3. Award of Bonds. It is hereby ordered that the bid of the Purchaser attached hereto be and the same is hereby accepted, and the Council hereby awards and sells to the Purchaser the Series 2002 Bonds described on Schedule A in the aggregate principal amount of $108,690,000, at a purchase price of $113,703,896.30, representing the principal amount of the Bonds, plus net original issue premium of $5,608,302.35, less underwriter’s discount of $594,406.05.

4. Terms of Bonds. The Series 2002 Bonds shall have the terms set forth on Schedule A attached hereto.

5. Amendments. Sections 4.3(a) and 5.1(b) of Resolution RS2001-510 and the form of the bond attached to RS2001-510 are hereby amended to conform to the terms of the Series 2002 Bonds set forth on Schedule A attached hereto. The Series 2002 Bonds shall be issued in accordance with the Resolution, as amended and supplemented herein.

6. Good Faith Deposit. The Director of Finance of the Metropolitan Government is hereby authorized and directed to accept as the good faith deposit for the Bonds awarded hereunder the Good Faith Deposit Financial Surety Bond issued by Financial Security Assurance, Inc.

7. Conflicting Resolutions. All other resolutions and orders, or parts thereof, in conflict with the provisions of this resolution are, to the extent of such conflict, hereby repealed.

8. Effectiveness. This resolution shall be in immediate effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Craig Jenkins

View pdf

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	October 15 , 2002
Adopted:	October 15 , 2002
Approved:	October 16, 2002
By: