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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 Resolution No. RS2013-559 on February 5, 2013, and Resolution No. RS2015-1500 on June 9, 2015, (collectively, the "Initial Resolutions"), to authorize general obligations bonds for certain projects in an aggregate amount not to exceed $630,000,000 (the "Authorized Amount"); and,
WHEREAS, the Metropolitan County Council previously adopted Resolution No. RS2018-1453 on October 16, 2018, that reduced the Authorized Amount for the herein referenced Initial Resolutions from $630,000,000 to $628,605,608.93; 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 $2,404,239.00, as provided for in Exhibit A attached hereto and incorporated herein; and,
WHEREAS, the Metropolitan Government desires to reduce the authority to issue general obligation bonds under the Initial Resolutions by an additional $2,404,239.00 (the "New Reduction") from $628,605,608.93 to $626,201,369.93.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. 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:
Resolution No.
Authorized Amount
2019 Reduction
New Reduction
New Authorization
RS2013-559
$110,000,000.00
$178,132.98
$2,300,000.00
$107,521,867.02
RS2015-1500
$520,000,000.0...
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