RESOLUTION NO. RS2009-746

RESOLUTION NO. RS2009-746

Initial resolution determining to issue general obligation bonds of The Metropolitan Government of Nashville and Davidson County (Tennessee) in an aggregate principal amount not to exceed $508,542,100 to be financed by the ad valorem levy on property in the General Services District and in an aggregate principal amount not to exceed $52,260,900 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 $508,542,100 to be financed by the ad valorem levy on property in the General Services District ("GSD Bonds") and $52,260,900 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 (TENNESSEE):

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 $508,542,100 and the USD Bonds in an aggregate principal amount of not to exceed $52,260,900. The Public Works Projects to be financed with the GSD Bonds are: (1) acquisition of land for and construction, improvement, repair, renovation, maintenance and equipping of school buildings and facilities; (2) acquisition and equipping of school vehicles; (3) repairs, renovations and improvements to the A.A. Birch Building; (4) acquisition and installation of a Traffic Violations Management System; (5) renovations, repairs and improvements to the Metropolitan Courthouse; (6) construction, additions, renovations and improvements to the Criminal Justice Center including design and planning related thereto; (7) construction, improvement, acquisition and installation of emergency communications facilities, training facilities and equipment; (8) acquisition and installation of hardware and software for financial systems; (9) construction, expansion, demolition, renovation and equipping of Fire Department buildings and facilities; (10) construction, renovation and improvements at the Richard H. Fulton Complex including installation of infrastructure and construction of parking facilities; (11) acquisition and installation of storm sirens; (12) acquisition, construction and installation of radio communications systems; (13) construction, renovation, improvements and equipping of fleet management facilities; (14) equipping General Hospital with a billing and collection system; (15) repairs, renovations and improvements to Nashville City Cemetery and Bordeaux Cemetery; (16) repairs, renovations and improvements to the Croft House; (17) acquisition, construction and installation of data and voice network equipment and facilities including security and encryption systems; (18) acquisition of tax accounting system hardware and software; (19) acquisition and installation of imaging equipment and software; (20) acquisition, construction and installation of disaster recovery systems and equipment; (21) acquisition of Justice Information System equipment and software; (22) demolition, construction, renovation and improvements to various Head Start facilities and buildings; (23) riverfront and Gulch planning and development; (24) construction, renovation and equipping of the Metro Southeast Building; (25) acquisition of public transit vehicles and equipment for the Metropolitan Transit Authority; (26) construction, improvement and equipping of Metro Transit Authority building, facilities and infrastructure; (27) acquisition of land for and construction, improvement, expansion, renovation, repair, capital maintenance and equipping of parks, playgrounds, greenways and sports facilities; (28) planning expenses for a Southeast Community Center; (29) planning for a Public Health Center; (30) acquisition of vehicles and equipment for the Police Department; (31) acquisition of land for and planning, design, construction and equipping of police precincts, training facilities, vehicle storage facilities and a crime lab; (32) acquisition of land for and planning, design, construction, repairs and equipping of sidewalks, bikeways, roadway projects and bridges; (33) acquisition and installation of information systems for Public Works Department; (34) planning, design, demolition, repair and improvement related to paving; (35) acquisition and installation of traffic management devices; (36) planning and construction of a 28th/31st Avenue connector; (37) renovation of inmate showers in buildings and facilities of the Sheriff’s Office; (38) replacement and/or repairs to roofs and signage at Sports Authority facilities; (39) planning, design, acquisition, construction, repairs and equipping of stormwater management projects; (40) construction, renovation and improvements to bring Metropolitan Government buildings, schools, facilities and rights of way into compliance with the Americans with Disabilities Act; (41) renovation, construction, improvement, equipping and capital maintenance of various Metropolitan Government buildings and facilities; (42) acquisition and installation of energy efficiency equipment for various Metro Government buildings and schools; (43) acquisition and installation of voter registration systems; (44) capital costs related to the relocation of various Metropolitan Government offices; (45) grant to the Industrial Development Board of the Metropolitan Government of Nashville and Davidson County for the development of the Museum of African American Music, Art and Culture; (46) renovations and improvements to the Metropolitan Government's properties being operated as the Nashville Children’s Theatre, the Frist Center for the Visual Arts, the Adventure Science Center and the Nashville Zoo; (47) repairs, renovations, improvements and equipping of the Nashville Convention Center; (48) construction, improvements, renovations and equipping of the Farmer’s Market; and (49) construction, improvement and equipping of public libraries. The Public Works Projects to be financed with USD bonds are: (1) construction, expansion, demolition, renovation and equipping of Fire Department buildings and facilities; (2) riverfront and Gulch planning and development; (3) acquisition of land for and planning, design, construction, repairs and equipping of sidewalks, bikeways, roadway projects and bridges; (4) acquisition and installation of information systems for Public Works Department; (5) planning, design, demolition, repair and improvement related to paving; (6) acquisition and installation of traffic management devices; (7) planning and construction of a 28th/31st Avenue connector; (8) planning, design, acquisition, construction, repairs and equipping of stormwater management projects; and (9) capital maintenance and improvements to the District Energy System. 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.

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	May 19, 2009
Deferred:	May 19, 2009
Deferred:	June 2, 2009
Adopted:	June 9, 2009
Approved:	June 10, 2009
By: