A resolution ratifying an agreement with The Treasury Department of the State of Tennessee, in order to deposit local funds for replacement of the Hillwood Boulevard Bridge over the CSX Railroad and Richland Creek LM 0.09 in Nashville and Davidson County Contract No. 060076 and Project No. 107669.00 in the Local Government Investment Pool.

WHEREAS, Ordinance No. 2007-1560 approved an agreement and addendum by and between the Metropolitan Government of Nashville and Davidson County, the State of Tennessee, Department of Transportation, and the City of Belle Meade concerning a bridge on Hillwood Boulevard over Richland Creek and a railroad right-of-way Contract No. 060076 and Project No. 107669.00; and

WHEREAS, the agreement requires matching funds from the Metropolitan Government in an estimated amount of $239,840; and

WHEREAS, the Local Government Investment Pool Program was established by Chapter 545 of Public Acts of 1982; and

WHEREAS, pursuant to the law, local share funds relative to Tennessee Department of Transportation projects can be deposited in the Local Government Investment Pool thereby allowing same to earn interest until used, or spent on the project; and

WHEREAS, provisions of the Local Government Investment Pool Program require an agreement from the local agency which approves its participation, and establishes a separate LGIP Account for each Tennessee Department of Transportation project with a local share of funds; and

WHEREAS, the Tennessee Department of Transportation and The Metropolitan Government of Nashville and Davidson County desire to invest the local share of funds for the replacement of the Hillwood Boulevard Bridge Contract No. 060076 and Project No. 107669.00, in the Local Government Investment Pool; and

WHEREAS, Ordinance No. 85-740 authorizes the Metropolitan County Mayor to execute any and all agreements necessary to implement the Local Government Investment Pool Program; and

WHEREAS, Ordinance No. 85-740 also requires that the Local Government Investment Pool Agreement be ratified by resolution of the Metropolitan County Council.

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

SECTION 1. That the Local Government Investment Pool Agreement between the Treasury Department of The State of Tennessee and the Metropolitan Government of Nashville and Davidson County for Hillwood Boulevard Bridge, Contract No. 060076 and Project No. 107669.00 of which are attached hereto, and made a part of the resolution, and the same is hereby ratified by the adoption of said resolution.

SECTION 2. That the Metropolitan County Mayor is authorized to execute the attached agreement for the Hillwood Boulevard Bridge Contract No. 06007 and Project No. 107669.00.

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: Emily Evans, Erik Cole

Attachment(s) on file in the Metropolitan Clerk's Office

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee Public Works
Introduced:	December 18, 2007
Adopted:	December 18, 2007
Approved:	December 21, 2007
By: