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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 has, from time to time, authorized the issuance of general obligations bonds to finance certain public works projects; and,
WHEREAS, the Metropolitan County Council previously adopted Resolutions Nos. RS2016-245 on June 21, 2016, RS2017-713 on June 13, 2017, RS2021-757 on March 2, 2021, RS2024-194 on February 20, 2024, and RS2024-882 on December 17, 2024, and also adopted Substitute Resolutions RS2018-1328 on September 4, 2018, RS2020-213 on March 17, 2020, and RS2021-1201 on December 7, 2021, (collectively, the “Initial Resolutions”), to determine to issue general obligations bonds for certain public works projects in an aggregate amount not to exceed $3,080,982,500 (the “Authorized Amount”); and,
WHEREAS, the Metropolitan County Council previously adopted Resolution No. RS2024-195 on February 6, 2024, that reduced the Authorized Amount, in the aggregate, for the herein referenced Initial Resolutions from $3,080,982,500 to $3,066,936,699.45; and,
WHEREAS, certain projects identified in the Initial Resolutions were completed or are on target to be completed at a cost less than the Authorized Amount, resulting in a savings of $5,501,882.97, as provided for in Exhibit A attached hereto and incorporated herein; and,
WHEREAS, accordingly, the Metropolitan County Council desires to reduce the authority to issue general obligation bonds under the Initial Resolutions by an additional $5,501,882.97 (the “New Reduction”), reflecting a change in the Authorized Amount to $3,061,434,816.48.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the authorization to issue additional general obligation bonds pursuant to the Initial Resolutions is hereby reduced generally as follows and as more particularly described in the attached Exhibit A:
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.
|
Res. No. |
Authorized Amount |
2024 Reduction |
New Reduction |
New Authorized Amount |
|
RS2016-245 |
$475,000,000 |
$3,621.80 |
$100,756.19 |
$474,895,622.01 |
|
RS2017-713 |
$288,000,000 |
$265.00 |
$324,302.82 |
$287,675,432.18 |
|
Sub. RS2018-1328 |
$50,000,000 |
$0.00 |
$3,679.33 |
$49,996,320.67 |
|
Sub. RS2020-213 |
$180,778,000 |
$14,041,878.75 |
$254,100.53 |
$166,482,020.72 |
|
RS2021-757 |
$481,610,000 |
$35.00 |
$71,044.10 |
$481,538,920.90 |
|
Sub. RS2021-1201 |
$564,369,500 |
$0.00 |
$1,500,000.00 |
$562,869,500.00 |
|
RS2024-194 |
$514,055,000 |
$0.00 |
$2,298,000.00 |
$511,757,000.00 |
|
RS2024-882 |
$527,170,000 |
$0.00 |
$950,000.00 |
$526,220,000.00 |
|
TOTAL |
$3,080,982,500 |
$14,045,800.55 |
$5,501,882.97 |
$3,061,434,816.48 |
Agenda Analysis
Analysis
This resolution effectively reduces the authority to issue general obligation bonds and the spending authority provided in 12 previous capital spending plan resolutions by approximately $5,501,882.97. Various previously approved capital projects in initial resolutions (capital spending plans) were completed or are on target for completion at a cost less than the originally authorized amount resulting in the savings. The savings are recognized by this deauthorization resolution.
RS2016-245, previously adopted on June 21, 2016, would be reduced by $100,756.19.
RS2017-713, previously adopted on June 13, 2017, would be reduced by $324,302.82.
Substitute RS2018-1328, previously adopted on September 4, 2018, would be reduced by $3,679.33.
Substitute RS2020-213, previously adopted on March 17, 2020, would be reduced by $254,100.53.
RS2021-757, previously adopted on March 2, 2021, would be reduced by $71,044.10.
Substitute RS2021-1201, previously adopted on December 7, 2021, would be reduced by $1,500,000.00.
RS2024-194, previously adopted on February 20, 2024, would be reduced by $2,298,000.00.
RS2024-882, previously adopted on December 17, 2024, would be reduced by $950,000.00.
The Council Office recommends that this resolution be deferred to track with the Capital Spending Plan, Resolution No. RS2025-1660.