A resolution amending Resolution No. RS2006-1331 to require certain information to be submitted to the Metropolitan Council upon the sale of tax receivables of The Metropolitan Government of Nashville and Davidson County, Tennessee.

WHEREAS, pursuant to Chapter 5 of Title 67 of the Tennessee Code Annotated as amended by the 104th General Assembly, any taxing agency by resolution of its governing body may elect to sell its tax receivables to public or private parties; and

WHEREAS, the county trustee of the Metropolitan Government of Nashville and Davidson County has certified to the Metropolitan Council the trustee's consent to administer the program; and

WHEREAS, on June 27, 2006, the Metropolitan Council adopted Resolution No. RS2005-1331 electing to sell the tax receivables of the Metropolitan Government; and

WHEREAS, the Council now desires to have certain information regarding the sale of tax receivables submitted to the Council.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That Resolution No. RS2006-1331, a resolution electing to sell the tax receivables of The Metropolitan Government of Nashville and Davidson County, Tennessee, be and the same is hereby amended by adding the following provision at the end of Section 1:

"Within three business days following the sale of any tax receivables of the Metropolitan Government, the Department of Finance shall submit to the Metropolitan Council information regarding the sale, which is to include, but not be limited to:
1. The date and time of the sale.
2. The name of the purchaser(s) of the tax receivables.
3. The discount rate percentage and the total amount of any discount between the sale price and the amount of the taxes owed to the Metropolitan Government.

Section 2. That this resolution shall take effect after its adoption, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Ronnie Greer, Jim Forkum, Ludye Wallace, Amanda McClendon, Edward Whitmore

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee
Introduced:	July 18, 2006
Adopted:	July 18, 2006
Approved:	July 19, 2006
By: