Initial resolution determining to issue general obligation bonds of The Metropolitan Government of Nashville and Davidson County in an aggregate principal amount not to exceed Two Hundred Seventeen Million Two Hundred Sixty-Two Thousand Forty-Three ($217,262,043) Dollars to be financed by the ad valorem levy on property in the General Services District and in an aggregate principal amount of Twenty-Three Million Three Hundred Fifty-Seven Thousand Eight Hundred Twenty-Five ($23,357,825) Dollars to be financed by the ad valorem levy on property in the Urban Services District.

Whereas, it is necessary and in the public interest of The Metropolitan Government of Nashville and Davidson County (“Metropolitan Government”) to issue general obligation bonds (the "Bonds") in an aggregate principal amount not to exceed Two Hundred Seventeen Million Two Hundred Sixty-Two Thousand Forty-Three ($217,262,043) Dollars to be financed by the ad valorem levy on property in the General Services District ("GSD Bonds") and Twenty-Three Million Three Hundred Fifty-Seven Thousand Eight Hundred Twenty-Five ($23,357,825) Dollars to be financed by the ad valorem levy on property in the Urban Services District ("USD Bonds") for the purposes hereinafter provided (both GSD Bonds and USD Bonds are sometimes collectively referred to herein as the "Bonds"); and

Whereas, pursuant to Section 9-21-205, Tennessee Code Annotated, prior to the issuance of any general obligation bonds, the governing body of the local government proposing to issue said bonds shall adopt a resolution determining to issue the same; and

Whereas, for the purpose of complying with the requirements of said statute, the Metropolitan County Council of the Metropolitan Government adopts this resolution.

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

Section 1. Purpose. For the purposes of financing all or a portion of the costs associated with the Public Works Projects hereinafter described, which such costs shall include (a) all costs authorized to be financed pursuant to Section 9-21-109, Tennessee Code Annotated, including without limitation, real and personal property acquisition costs, costs of construction, equipping, renovation and improvement, and (b) the payment or reimbursement of the payment of principal of and interest on any bonds, notes or other debt obligations issued in anticipation of the Bonds, the Metropolitan County Council hereby determines to issue the GSD Bonds in an aggregate principal amount of not to exceed Two Hundred Seventeen Million Two Hundred Sixty-Two Thousand Forty-Three ($217,262,043) Dollars, and the USD Bonds in an aggregate principal amount of not to exceed Twenty-Three Million Three Hundred Fifty-Seven Thousand Eight Hundred Twenty-Five ($23,357,825) Dollars. The Public Works Projects to be financed with the GSD Bonds are: (1) software replacement for Bordeaux Long term Care; (2) orthopedic skilled and vent project for Bordeaux Long Term Care; (3) exhibit hall floor resurfacing and air compressor for the Convention Center; (4) Miscellaneous projects for the District Energy System; (5) capital improvements for the Farmer’s Market; (6) major building maintenance, including roofing of several facilities; (7) EBS capital improvements; (8) construction and improvement to facilities for ADA compliance; (9) renovations and modifications to the 222 Building; (10) design and construction for the West Police Precinct; (11) demolition projects; (12) Fulton Complex infrastructure; (13) planning for the Police Crime Lab; (14) planning for improvements to the Police Academy and space for the Police Fleet at MSE; (15) renovations at the Criminal Justice Center for Police, Night Court and non-secure Sheriff facilities; (16) implementation of the master plan for the Fire Department; (17) new Goodlettsville Branch Library; (18) new North Head Start Center; (19) renovation of the Children’s Theater; (20) Software improvements for General Hospital; (21) equipment improvements for General Hospital; (22) Labor and Delivery Department upgrades for General Hospital; (23) radio communications improvements for General Services; (24) restoration of the Croft House and campus at Grassmere; (25) replacement of obsolete equipment and system upgrades for Information Technology Systems; (26) disaster recovery improvements for Information Technology Services; (27) HOB Data Center; (28) technology revolving fund for Information Technology Services; (28) computer system improvements for Justice Integration Services; (29) grants to the Metropolitan Development and Housing Agency (“MDHA”) for the purpose of financing capital costs relating to the African-American Museum and the Nashville Symphony Hall not to exceed amounts permissible under Tennessee law; (30) addition of new classrooms to several Metropolitan public schools; (31) construction, renovations and repairs for various Metropolitan public school facilities; (32) vehicle replacement for the Metropolitan public school system; (33) ADA compliance for various Metropolitan public school facilities; (34) technology upgrades throughout the Metropolitan public school system; (35) energy savings retrofits to various Metropolitan public school facilities; (36) ADA services and upgrades, facility and communications improvements for the Metropolitan Transit Authority; (37) implementation of the master plan for Metro parks and greenways; (38) repair and maintenance for various facilities of Metro Parks; (39) planning and land purchase for the Bellevue branch library; (40) maintenance of bridges and associated drainage systems; (41) construction, repair and maintenance of roadways and sidewalks, including bikeways; (42) roadway paving; (43) installation of a gas collection system at the Bordeaux landfill; (44) traffic signal modifications for ADA compliance; (45) refinancing of debt to NES for lighting in the USD annexation in District 32; and (46) repair and upgrade of facilities at the Fairgrounds, all as further described in Exhibit A hereto. The Public Works Projects to be financed with USD bonds are: (1) planning for the Nashville Riverfront Development Project; (2) traffic signal installations and traffic signal modifications for ADA compliance; (3) construction, repair and maintenance of roads and sidewalks; (4) street safety lighting replacements; (5) bridge replacements; (6) various capital costs for additional USD services resulting from the USD annexation in Council District 32; and (7) creation of homeless housing units, all further described in Exhibit A hereto. With regard to both GSD Bonds and USD Bonds, the Public Works Projects to be financed by the Bonds include the acquisition or construction of certain public art as required by Ordinance No. BL2000-250.

Section 2. Authorization. The Bonds described herein shall be issued pursuant to the Charter of the Metropolitan Government and/or the Local Government Public Obligations Act of 1986, as amended, codified as Title 9, Chapter 21, Tennessee Code Annotated, and no referendum or election shall be required for the issuance of the Bonds unless a petition for an election relating to their issuance is filed within the time and in the manner provided for in said statute.

Section 3. Use of Proceeds for Technology. No proceeds from the issuance of the Bonds as provided herein shall be used for the acquisition, purchase or upgrading of any technology unless and until the Director of Finance has conducted a cost-benefit or other economic analysis as to the most efficient use of such proceeds and has authorized the expenditure of the same.

Section 4. Interest. The maximum rate of interest of the Bonds shall not exceed the maximum rate permitted by applicable law.

Section 5. Source of Payment. The principal of, premium, if any, and interest on the Bonds shall be payable from and secured by ad valorem taxes to be levied on all taxable property in the General Services District of the Metropolitan Government, without limitation as to time, rate or amount. The Bonds will be direct general obligations of the Metropolitan Government, and the full faith and credit of the Metropolitan Government, together with the taxing power of the Metropolitan Government as to all taxable property in the General Services District for the GSD Bonds and the Urban Services District for the USD Bonds, will be hereby irrevocably pledged.

Section 6. Publication of Resolution. The Metropolitan Clerk is hereby directed to cause this Resolution, upon its adoption, together with the statutory notice required by Section 9-21-206, Tennessee Code Annotated, to be published in full once in a newspaper published and having general circulation in the Metropolitan Government.

Section 7. Effective Date. 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: Rip Ryman

View Exhibit

Amendment No. 1
To
Resolution No. RS2007-2009

Mr. President:

I move to amend Resolution No. RS2007-2009 as follows:

1. By amending Section 1 by deleting the phrase “(7) creation of homeless housing units”, and substituting in lieu thereof the phrase “(7) grant to the Metropolitan Development and Housing Agency (‘MDHA’) for the purpose of financing capital costs relating to the creation of homeless housing units”.

2. By amending Exhibit A as referenced in Section 1 by deleting project ID No. 08HR0002 – Affordable Housing-Homelessness Initiative $450,000.

3. By amending Exhibit A as referenced in Section 1 by adding the following new project under MDHA:

Sponsored by: Rip Ryman

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee
Introduced:	June 5, 2007
Deferred:	June 5, 2007
Deferred to July 17, 2007:	June 19, 2007
Amended:	July 17, 2007
Adopted:	July 17, 2007
Approved:	July 23, 2007
By: