Resolution amending Resolution No. RS2001-510, as amended, to authorize the refunding of additional bonds thereunder and to 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, as heretofore amended (the "Resolution") 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, pursuant to Resolution No. RS2001-786, adopted on October 16, 2001, the Metropolitan Government amended 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 therein from $291,000,000 to $336,000,000; and

WHEREAS, on October 1, 2002, the Metropolitan Council adopted Substitute Resolution No. R2002-1190 ("Resolution RS2002-1190") to further amend Resolution RS2001-510, as amended by Resolution No. RS2001-786 to authorize the refunding of additional bonds thereunder; and

WHEREAS, on October 31, 2002, the Metropolitan Government issued $108,690,000 in aggregate principal amount of General Obligation Multi-Purpose Refunding Bonds, Series 2002 (the "Series 2002 Bonds") under the authority of the Resolution; and

WHEREAS, on August 17, 2004, the Metropolitan Government issued $51,340,000 in aggregate principal amount of General Obligation Public Improvement Refunding Bonds, Series 2004 (the "Series 2004 Bonds") under the authority of the Resolution; and

WHEREAS, the Metropolitan Council thinks it is in the best interest of the Metropolitan Government to authorize the refunding of the bonds as described below and to amend Resolution No. RS2001-510, as amended, to authorize the refunding of said bonds and to increase the aggregate par amount of bonds authorized to be issued thereunder; 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, as amended providing for the issuance of an additional series of bonds pursuant to Resolution No. RS2001-510, as amended, and making certain additional changes to Resolution No. RS2001-510, as amended, 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, as amended by Resolution No. RS2001-786 and Resolution No. RS2002-1190, is hereby amended to change the amount of Bonds authorized to be issued as set forth therein, from $336,000,000 (of which $102,225,000 remains authorized and unissued) to $566,000,000, 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 by Resolution No. RS2001-786 and Resolution No. RS2002-1190 and as amended herein, shall not exceed $566,000,000, $233,775,000 of which has already been issued as Series 2001B Bonds, Series 2002 Bonds, and Series 2004 Bonds, leaving a remaining authorization of $332,225,000.

Section 2. The definition of "Refunded Bonds" contained in Section 1.1 of Resolution No. RS2001-510, as amended, 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, the Series 1997A Bonds, the Series 1999 Bonds, the Series 2001A Bonds, and the Series 2003 Bonds.

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

"Series 1999 Bonds" means those maturities (or portions thereof) of the Metropolitan Government's outstanding General Obligation Public Improvement and Refunding Bonds, Series 1999, dated May 15, 1999, 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.

"Series 2003 Bonds" means those maturities of the Metropolitan Government's outstanding General Obligation Multi-Purpose Bonds, Series 2003, dated December 2, 2003, 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 maximum par amount appearing therein from Three Hundred Thirty-Six Million Dollars ($336,000,000) to Five Hundred Sixty-Six Million Dollars ($566,000,000).

Section 5. The form of the Bond attached to Resolution No. RS2001-510, as amended, as Exhibit A is hereby amended to conform the terms thereof to the amendments contained herein.

Section 6. The form of the Refunding Escrow Agreement attached to Resolution RS2001-510, as amended, as Exhibit B 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: Diane Neighbors  

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee
Introduced:	April 5, 2005
Adopted:	April 5, 2005
Approved:	April 7, 2005
By: