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File #: RS2021-933    Name:
Type: Resolution Status: Passed
File created: 4/30/2021 In control: Metropolitan Council
On agenda: 5/18/2021 Final action: 5/18/2021
Title: A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED FOUR HUNDRED FOUR MILLION DOLLARS ($404,000,000) IN AGGREGATE PRINCIPAL AMOUNT OF TAX ANTICIPATION NOTES OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, TENNESSEE.
Sponsors: Kyonzte Toombs
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A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED FOUR HUNDRED FOUR MILLION DOLLARS ($404,000,000) IN AGGREGATE PRINCIPAL AMOUNT OF TAX ANTICIPATION NOTES OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, TENNESSEE.
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WHEREAS, by Sections 9-21-101 et seq., Tennessee Code Annotated, local governments in Tennessee are authorized through their respective governing bodies to issue and sell tax anticipation notes of said governments for the purpose of meeting appropriations made for Fiscal Year 2022 in anticipation of the collection of taxes and revenues; and
WHEREAS, the Metropolitan County Council of The Metropolitan Government of Nashville and Davidson County, Tennessee, has heretofore determined that it is necessary and advisable to issue $404,000,000 in aggregate principal amount of tax anticipation notes in one or more series for the purpose of meeting appropriations made for Fiscal Year 2022 from its General Fund (the "General Fund"), Schools General Purpose Fund ("Schools Fund"), General Services District Debt Service Fund ("GSD Debt Fund"), Schools Debt Service Fund ("Schools Debt Fund"), and Urban Services District Debt Service Fund ("USD Debt Fund") (collectively the "Tax Funds"); and
WHEREAS, it is the intention of the Metropolitan County Council to adopt this resolution for the purpose of authorizing $404,000,000 in aggregate principal amount of said notes, providing for the issuance, sale and payment of said notes, establishing the terms thereof and the disposition of proceeds therefrom.
NOW, THEREFORE, BE IT RESOLVED by the Metropolitan County Council of The Metropolitan Government of Nashville and Davidson County, Tennessee as follows:
Section 1. Authority. The notes authorized by this resolution will be issued pursuant to Sections 9-21-101 et seq., Tennessee Code Annotated, and other applicable provisions of law.
Section 2. Definitions. The following terms shall have the following meanings in this resolut...

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