A resolution approving an extension of the reimbursement date of the outstanding intra-governmental loan from The Metropolitan Government of Nashville and Davidson County to the Hospital Authority of The Metropolitan Government of Nashville and Davidson County.

Whereas, by Resolution No. RS2006-1213, the Metropolitan Council approved an intra-governmental loan of $6,748,700 from the Metropolitan Government to the Hospital Authority, in addition to the outstanding intra-governmental loan of $13,700,000, and provided that the total loan amount would be subject to reimbursement no later than June 30, 2006; and

Whereas, it is in the public interest to extend the reimbursement date of the intra-governmental loan from the Metropolitan Government to the Hospital Authority, so that the Director of Finance may enter into a new note for the same sum and under the same terms and conditions for the fiscal year beginning July 1, 2007, not to exceed an amount that can reasonably be secured by the Hospital Authority’s net assets, instead of solely by the Hospital Authority’s accounts receivable; and so that the total outstanding loan amount of $20,448,700 will be subject to reimbursement no later than June 30, 2008.

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

Section 1. That the Metropolitan Council hereby approves the extension of the reimbursement date of the outstanding intra-governmental loan from The Metropolitan Government of Nashville and Davidson County to the Hospital Authority so that the Director of Finance may enter into a new note for the same sum and under the same terms and conditions for the fiscal year beginning July 1, 2007, not to exceed an amount that can reasonably be secured by the Hospital Authority’s net assets, instead of solely by the Hospital Authority’s accounts receivable.

Section 2. That the Metropolitan Council hereby approves the extension of the reimbursement date of the outstanding intra-governmental loan from The Metropolitan Government of Nashville and Davidson County to the Hospital Authority so that the total outstanding loan amount of $20,448,700 will be subject to reimbursement no later than June 30, 2008.

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: Rip Ryman, Brenda Gilmore, Billy Walls

Amendment No. 1
To
Resolution No. RS2007-2011

Mr. President:

I move to amend Resolution No. RS2007-2011 by deleting Section 1 in its entirety and substituting in lieu thereof the following new Section 1:
“Section 1. That the Metropolitan Council hereby approves the extension of the reimbursement date of the outstanding intra-governmental loan from The Metropolitan Government of Nashville and Davidson County to the Hospital Authority so that the Director of Finance may enter into a new note as a substitute for the existing note, for the same sum and under the same terms and conditions as the existing note, for the fiscal year beginning July 1, 2007, not to exceed an amount that can reasonably be secured by the Hospital Authority’s net assets, instead of solely by the Hospital Authority’s accounts receivable. In no event shall the total amount of such new note exceed the outstanding intra-governmental loan balance as of the date this resolution is adopted.”

Sponsored by: Jim Gotto

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee Health, Hospitals & Social Services Committee
Introduced:	June 5, 2007
Deferred:	June 5, 2007
Amended:	June 19, 2007
Adopted:	June 19, 2007
Approved:	June 20, 2007
By: