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A resolution reducing the authority of The Metropolitan Government of Nashville and Davidson County to issue general obligations bonds pursuant to certain initial resolutions previously adopted by the Metropolitan County Council.
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WHEREAS, the Metropolitan County Council previously adopted Resolutions Nos. RS2021-700, RS2022-1556, RS2024-739, and RS2026-1771 (collectively, the “Bond Resolutions”) authorizing the sale of general obligation bonds in the aggregate amount of $2,820,000,000 to finance certain public works projects pursuant to the following initial resolutions determining to issue general obligation bonds: Resolutions Nos. RS2009-746, RS2010-1363, RS2012-276, RS2013-559, RS2013-710, Substitute RS2014-963, RS2014-1126, RS2015-1500, RS2016-245, RS2017-713, RS2017-963, RS2018-1454, RS2019-100, Substitute RS2020-213, Substitute RS2021-757, Substitute RS2021-1201, RS2022-1452, RS2023-1978, RS2024-194, RS2024-882, and RS2025-1660 (collectively, the “Initial Resolutions”), as amended by the following deauthorization resolutions: Resolutions Nos. RS2018-1453, RS2019-99, RS2020-212, RS2021-758, RS2023-1979, RS2024-195, and RS2025-1661 (collectively, the “Deauthorization Resolutions”, and together with the Initial Resolutions, the “Premium Initial Resolutions”); and,
WHEREAS, in the aggregate, the general obligation bonds sold pursuant to the Bond Resolutions were sold at a premium of $241,099,290; and,
WHEREAS, the Metropolitan Government desires to account for and recognize the premium realized from the sale of the general obligation bonds pursuant to the Bond Resolutions by reducing the aggregate par amount of bonds that were authorized to be issued under the Premium Initial Resolutions by $241,099,290.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the authority of The Metropolitan Government of Nashville and Davidson County to issue general obligation bonds pursuant to the Premium Initial Resolutions shall be reduced in the aggregate by $241,099,290.
Section 2. That this Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution reduces the authority to issue general obligation bonds by $241,099,290. General obligation bonds were previously sold at a premium. Those bond premiums were used to finance portions of capital projects. As a result, Metro issued less bonds than were initially authorized.