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File #: RS2021-758    Name:
Type: Resolution Status: Passed
File created: 2/5/2021 In control: Metropolitan Council
On agenda: 2/16/2021 Final action: 2/16/2021
Title: Resolution reducing the authority of The Metropolitan Government of Nashville and Davidson County to issue general obligation bonds pursuant to certain initial resolutions previously adopted by the Metropolitan County Council.
Sponsors: Kyonzte Toombs
Attachments: 1. RS2021-758, 2. RS2021-758 Exhibit A
title
Resolution reducing the authority of The Metropolitan Government of Nashville and Davidson County to issue general obligation 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 obligation bonds to finance specified public works projects; and,
WHEREAS, in order to authorize such general obligation bonds the Metropolitan County Council adopted on June 9, 2009 Resolution RS2009-746, on September 21, 2010 Resolution RS2010-1363, on June 19, 2012 Resolution RS2012-276, and on June 11, 2013 Resolution RS2013-710 (collectively, the "Initial Resolutions"); and,
WHEREAS, pursuant to the Initial Resolutions the Metropolitan Government has authorized the issuance of general obligation bonds in an aggregate amount not to exceed $1,408,463,000 (the Authorized Amount"); 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 $5,259,838, as provided in Exhibit A attached hereto and incorporated herein; and,
WHEREAS, the Metropolitan County Council adopted Resolution RS2018-1453 on October 16, 2018 reducing the aggregate authorization of the Initial Resolutions, inter alia, by $2,084,874.21, from $1,408,463,000 to (the "Initial Reduction"); and,
WHEREAS, the Metropolitan County Council adopted Resolution RS2019-99 on November 19, 2019 further reducing the authorization of Resolution RS2013-710 by $1,000,000, from $299,720,156.47 to $298,720,156.47 and thereby reducing the aggregate authorization of the Initial Resolutions from $1,406,378,125.79 to $1,405,378,125.79 (the "2019 Reduction"); and,
WHEREAS, the Metropolitan Government desires to further reduce the authority to issue general obligation bonds under the Initial Resolutions by $5,259,838 from $1,405,378,125.79 to $1,400,118,287.79 (the "...

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