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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. RS2009-746, RS2010-1363, RS2012-276, RS2013-710, RS2016-245, RS2023-1978, RS2024-194, and RS2024-882, and also adopted Substitute Resolutions RS2021-757 and RS2021-1201 (collectively, the “Initial Resolutions”) to determine to issue general obligations bonds in an aggregate amount not to exceed $4,449,207,500 (the “Authorized Amount”); and,
WHEREAS, the Metropolitan County Council previously adopted Resolutions Nos. RS2018-1453, RS2019-99, RS2021-758, RS2023-1979, RS2024-195, and RS2025-1661 that reduced the Authorized Amount by $13,278,966.71, to an authorized amount of $4,435,928,533.29, in the aggregate; and,
WHEREAS, certain public works projects identified in the Initial Resolutions were completed or are on target to be completed at a cost less than the current authorized amount for such projects, resulting in savings of $14,329,814.59, 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 $14,329,814.59 (the “New Reduction”), reflecting a change in the Authorized Amount to $4,421,598,718.70.
NOW, THEREFORE, BE IT RESOLVED BY THE 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:
|
Res. No. |
Initial Amount |
New Reduction |
Previous Reductions |
New Authorized Amount |
|
RS2009-746 |
$560,803,000 |
$503,660.16 |
$4,688,597.83 |
$555,610,742.01 |
|
RS2010-1363 |
$250,000,000 |
$3,692.67 |
$253,699.95 |
$249,742,607.38 |
|
RS2012-276 |
$297,660,000 |
$1,370.10 |
$1,618,190.56 |
$296,040,439.34 |
|
RS2013-710 |
$300,000,000 |
$262.29 |
$1,795,021.28 |
$298,204,716.43 |
|
RS2016-245 |
$475,000,000 |
$11,229.90 |
$104,377.99 |
$474,884,392.11 |
|
Sub. RS2021-757 |
$481,610,000 |
$76,121.00 |
$71,079.10 |
$481,462,799.90 |
|
Sub. RS2021-1201 |
$564,369,500 |
$312,850.50 |
$1,500,000.00 |
$562,556,649.50 |
|
RS2023-1978 |
$478,540,000 |
$8,560.11 |
$0.00 |
$478,531,439.89 |
|
RS2024-194 |
$514,055,000 |
$20,810.42 |
$2,298,000.00 |
$511,736,189.58 |
|
RS2024-882 |
$527,170,000 |
$13,391,257.44 |
$950,000.00 |
$512,828,742.56 |
|
TOTAL |
$4,449,207,500 |
$14,329,814.59 |
$13,278,966.71 |
$4,421,598,718.70 |
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 effectively reduces the authority to issue general obligation bonds and the spending authority provided in 10 previous capital spending plan resolutions by approximately $14,278,966.71. 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.
Resolution No. RS2009-746, previously adopted on June 9, 2009, would be reduced by $503,660.16.
Resolution No. RS2010-1363, previously adopted on September 21, 2010, would be reduced by $3,692.67.
Resolution No. RS2012-276, previously adopted on June 19, 2012, would be reduced by $1,370.10.
Resolution No. RS2013-710, previously adopted on June 12, 2013, would be reduced by $262.29.
Resolution No. RS2016-245, previously adopted on June 21, 2016, would be reduced by $11,229.90.
Substitute Resolution No. RS2021-757, previously adopted on March 2, 2021, would be reduced by $76,121.00.
Substitute Resolution No. RS2021-1201, previously adopted on December 7, 2021, would be reduced by $312,850.50.
Resolution No. RS2023-1978, previously adopted on February 21, 2023, would be reduced by $8,560.11.
Resolution No. RS2024-194, previously adopted on February 20, 2024, would be reduced by $20,810.42.
Resolution No. RS2024-882, previously adopted on December 17, 2024, would be reduced by $13,391,257,44.