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File #: RS2021-991    Name:
Type: Resolution Status: Passed
File created: 6/4/2021 In control: Metropolitan Council
On agenda: 6/15/2021 Final action: 6/15/2021
Title: Resolution authorizing the extension of the Metropolitan Government's water and sewer revenue commercial paper program and the amendment of the terms of the credit facility related thereto.
Sponsors: Kyonzte Toombs
Attachments: 1. RS2021-991 Exhibit A, 2. RS2021-991 Exhibit B
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Resolution authorizing the extension of the Metropolitan Government's water and sewer revenue commercial paper program and the amendment of the terms of the credit facility related thereto.
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WHEREAS, pursuant to Substitute Resolution No. RS2018-1254, adopted by the Metropolitan County Council on July 3, 2018 (the "CP Resolution"), The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") authorized a water and sewer revenue commercial paper program in a maximum principal amount of $200 million (the "CP Program"); and
WHEREAS, the CP Program is scheduled to expire on July 10, 2021, and the Metropolitan County Council has determined that it is in the Metropolitan Government's best interest to extend the term of the CP Program; and
WHEREAS, State Street Bank and Trust Company (the "Bank") was designated by the CP Resolution to serve, and such firm has served, as the liquidity bank for the CP Program during the term of the Program, with the Bank providing credit and liquidity for up to $183 million in principal amount of commercial paper; and
WHEREAS, the Bank has indicated that it is willing to extend its credits and liquidity for the CP Program through March 31, 2022, on the terms and conditions set forth herein; and
WHEREAS, the Metropolitan County Council has determined that it is in the best interest of the Metropolitan Government to extend CP Program for one additional year, with the Bank continuing to serve and credit and liquidity provider on the terms and conditions set forth herein; and
WHEREAS, the Metropolitan Government desires to authorize the execution and delivery of agreements and the taking of actions necessary to extend the CP Program on the terms and conditions set forth herein;
NOW, THEREFORE, BE IT RESOLVED by the Metropolitan County Council of The Metropolitan Government of Nashville and Davidson County, as follows:
1. Definitions. Capitalized terms not otherwise defined herein shall have the meani...

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