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Resolution authorizing the execution, terms, issuance, sale and payment of general obligation refunding bonds in multiple series in an aggregate principal amount of not to exceed $641,000,000.
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WHEREAS, the Metropolitan Government is authorized under the Act and the Charter (as such terms are hereafter defined) to issue its general obligation bonds for the purpose of refunding its outstanding general obligation bonds; and
WHEREAS, the Metropolitan Council hereby finds that it is in the best interest of the citizens of the Metropolitan Government, for the purposes of achieving debt service savings, to refund all or a portion of its outstanding General Obligation Improvement and Refunding Bonds, Series 2010A (the "Series 2010A Bonds"), General Obligation Refunding Bonds, Series 2010D (the "Series 2010D Bonds"), General Obligation Refunding Bonds, Series 2011 (the "Series 2011 Bonds"), General Obligation Refunding Bonds, Series 2012 (the "Series 2012 Bonds"), General Obligation Refunding Bonds, Series 2013 (the "Series 2013 Bonds"), General Obligation Improvement Bonds, Series 2015C (the "Series 2015C Bonds"), and General Obligation Refunding Bonds, Series 2016 (the "Series 2016 Bonds" and collectively, the "Outstanding Bonds"); and
WHEREAS, under applicable federal tax laws, refunding bonds may not be issued on a tax-exempt basis, but may be issued on a taxable basis, in order to refund outstanding bonds more than 90 days prior to their first optional redemption date; and
WHEREAS, the Series 2011 Bonds, the Series 2012 Bonds, the Series 2013 Bonds, the Series 2015C Bonds and the Series 2016 are not subject to optional redemption until July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2025 and July 1, 2026, respectively, so any bonds issued to refund those bonds must be issued on a taxable basis; and
WHEREAS, the plan of refunding for the Outstanding Bonds, as required by Section 9-21-903, Tennessee Code Annotated, and a request for approval of financing...
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