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File #: RS2021-718    Name:
Type: Resolution Status: Passed
File created: 1/8/2021 In control: Metropolitan Council
On agenda: 1/19/2021 Final action: 1/19/2021
Title: A Thirtieth Supplemental Electric System Revenue Bond Resolution supplementing certain resolutions of The Metropolitan Government of Nashville and Davidson County by electing to defease, pay and redeem certain Electric System Revenue Bonds and authorizing certain other related matters
Sponsors: Kyonzte Toombs
Attachments: 1. RS2021-718 Exhibit B
title
A Thirtieth Supplemental Electric System Revenue Bond Resolution supplementing certain resolutions of The Metropolitan Government of Nashville and Davidson County by electing to defease, pay and redeem certain Electric System Revenue Bonds and authorizing certain other related matters
body
WHEREAS, under authority conferred by Appendix III of the Charter of The Metropolitan Government of Nashville and Davidson County and the laws of the State of Tennessee, the Metropolitan Council adopted Substitute Resolution No. R85-746 on November 5, 1985; and
WHEREAS, the Electric Power Board of The Metropolitan Government of Nashville and Davidson County (i) has determined by resolution duly adopted at its meeting of December 16, 2020 that it is in the best interest of the electric system under its control that all of the outstanding revenue bonds issued under Substitute Resolution No. R85-746 and designated as the 2008 Series B Bonds be redeemed, and requests that the Metropolitan Council redeem such 2008 Series B Bonds as provided herein, and (ii)(A) has determined by resolution duly adopted at its meeting of December 16, 2021 that it is in the best interest of the electric system under its control to use all amounts released from the Debt Service Reserve Account created under Substitute Resolution No. R85-746 upon the redemption of the 2008 Series B Bonds as follows: (1) first, to pay at maturity or to redeem, as appropriate, all of the outstanding revenue bonds issued under Substitute Resolution No. R85-746 and designated as the 2011 Series A Bonds and the 2011 Series B Bonds, and (2) second, if there are any remaining funds, to pay Cost of Acquisition and Construction (as defined in Substitute Resolution No. R85-746) of such electric system, and (B) requests that the Metropolitan Council approve such use of funds so released from the Debt Service Reserve Account and redeem such 2011 Series A Bonds and 2011 Series B Bonds as provided herein.
NOW, THEREFORE, BE IT...

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