RESOLUTION NO. RS2014-1310

A resolution ratifying an agreement with The Treasury Department of The State of Tennessee, in order to deposit local funds for the correction of drainage on SR-1 (Murfreesboro Pike) from Vultee Boulevard to Jupiter Drive, the removal of the Vultee Boulevard Bridge, and intersection improvements and signalization at SR 1 and Kermit Drive in Nashville and Davidson County, Contract No. 140166 and Project Identification No. 121040.00 into the Local Government Investment Pool.

WHEREAS, Resolution RS2014-1248 approved an Intergovernmental Agreement by and between the State of Tennessee, Department of Transportation and The Metropolitan Government of Nashville and Davidson County, acting by and through the Departments of Public Works and Water and Sewerage Services, for State Route 1 (Murfreesboro Pike) from Vultee Boulevard to Jupiter Drive including the Vultee Boulevard Bridge and intersection on State Route 1 at Kermit Drive, Contract No. 140166 and Project Identification No. 121040.00; and,

WHEREAS, the aforementioned Intergovernmental Agreement requires construction funds from the Metropolitan Government in an amount of $2,000,000.00 provided by the Department of Public Works and the Department of Water and Sewerage Services at $1,000,000.00 each; 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 Department of Water and Sewerage desire to invest the local share of funds for State Route 1 (Murfreesboro Pike) from Vultee Boulevard to Jupiter Drive, including the Vultee Boulevard Bridge and intersection on State Route 1 at Kermit Drive, Contract No. 140166 and Project Identification No. 121040.00 into 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 State Route 1 (Murfreesboro Pike) from Vultee Boulevard to Jupiter Drive, including the Vultee Boulevard Bridge and intersection on State Route 1 at Kermit Drive, Contract No. 140166 and Project Identification No. 121040.00, which is attached hereto and incorporated herein, is hereby ratified by the adoption of this resolution.

Section 2. That the Metropolitan County Mayor is authorized to execute the attached agreement for State Route 1 (Murfreesboro Pike) from Vultee Boulevard to Jupiter Drive, including the Vultee Boulevard Bridge and intersection on State Route 1 at Kermit Drive, Contract No. 140166 and Project Identification No. 121040.00.

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: Bruce Stanley, Karen Bennett, Bill Pridemore, Anthony Davis, Josh Stites

If you would like a copy of the attachment to any ordinance or resolution, please email your request to the Metro Clerk's Office at metro.clerk@nashville.gov

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee Public Works Committee
Introduced:	December 2, 2014
Adopted:	December 2, 2014
Approved:	December 5, 2014
By: