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A resolution expressing the Metropolitan Government's intent to issue revenue bonds, notes, and/or other obligations in an aggregate principal amount not to exceed $140,000,000, as requested by the Electric Power Board.
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WHEREAS, the Electric Power Board of The Metropolitan Government of Nashville and Davidson County (the "Board") has control and jurisdiction over the electric light and power plant and distribution system (hereinafter sometimes referred to as the "System") of The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government"); and
WHEREAS, a severe ice storm occurred on January 25, 2026 (the "Storm"), causing extensive and significant damage to the System; and
WHEREAS, the Board, by resolution duly adopted at its meeting held on February 25, 2026, is expected to (i) determine that it is in the best interest of the System that the Metropolitan Government issue revenue bonds, notes, and/or other obligations in an amount not to exceed $140,000,000, the proceeds thereof to be used for the payment of all or a portion of the costs incurred to repair such damage to the System, and (ii) request that the Metropolitan Council adopt this resolution to express the official intent of the Metropolitan Government to issue such revenue bonds, notes, and/or other obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1: The Metropolitan Council hereby expresses the present intention of the Metropolitan Government, pursuant to the provisions of Section 103 and Sections 141 through 150 of the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations promulgated thereunder, including without limitation ?1.150-2 of said regulations, (i) to finance all or a portion of the costs of designing, developing, acquiring, constructing, installing and equipping (including financing costs thereof) repairs to the System necessitated by the Storm (c...
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