INITIAL RESOLUTION AUTHORIZING THE INCURRENCE OF INDEBTEDNESS BY THE CITY OF MILLINGTON, TENNESSEE, OF NOT TO EXCEED $1,150,000, BY THE EXECUTION WITH THE PUBLIC BUILDING AUTHORITY OF THE CITY OF CLARKSVILLE, TENNESSEE, OF A LOAN AGREEMENT TO PROVIDE FUNDING FOR CERTAIN PUBLIC WORKS PROJECTS, AND TO FUND THE INCIDENTAL AND NECESSARY EXPENSES RELATED THERETO
WHEREAS, it is necessary and in the public interest of the City of Millington, Tennessee (the “Municipality”), to incur indebtedness (the “Indebtedness”), through the execution with The Public Building Authority of the City of Clarksville, Tennessee (the “Authority”), of a loan agreement (a “Loan Agreement”), for the purpose of financing certain public works projects, as hereinafter more fully described.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF MAYOR AND ALDERMEN OF THE CITY OF MILLINGTON, TENNESSEE, AS FOLLOWS:
Section 1. For the purpose of financing all or a portion of the costs of certain public works projects, consisting of paying a portion of the costs of the construction of Veteran’s Parkway Project, including utilities and streetlights, street and road improvements within the City, including but not necessarily limited to, Raleigh-Millington Road reconnection and Church Street Railroad crossing improvements, the acquisition of all property real and personal appurtenant thereto and connected with such work, to pay all legal, fiscal, administrative, and engineering costs incident thereto, reimbursement for expenditures related to the foregoing projects, and to pay costs incident to incurring the Indebtedness (collectively, the “Project”), the Municipality is hereby authorized to incur Indebtedness in the amount of not to exceed One Million One Hundred Fifty Thousand Dollars ($1,150,000), for the financing of the Project through the execution of a Loan Agreement with the Authority. The rate of interest payable pursuant to the provisions of a Loan Agreement shall be a fixed rate which rate shall not exceed the maximum rate of interest permitted under the laws of the State of Tennessee.
Section 2. The indebtedness evidenced by the Loan Agreement shall be payable from funds of the Municipality legally available therefor and to the extent necessary from ad valorem taxes to be levied for such purpose on all taxable property within the corporate limits of the Municipality, without limitation as to time, rate, and amount and for the punctual payment of said principal of, premium, if any, and interest on, the Loan Agreement, the full faith and credit of the Municipality will be irrevocably pledged.
Section 3. The Loan Agreement shall be executed pursuant to the provisions of Title 9, Chapter 21, Tennessee Code Annotated, as amended (the “Act”), and Title 12, Chapter 10, Tennessee Code Annotated, as amended.
Section 4. After the adoption of this Resolution, the City Clerk is directed to cause this Resolution, with the notice prescribed by the Act, to be published in full once in a newspaper published and having general circulation in the Municipality.
Section 5. This Resolution shall take effect from and after its adoption, the welfare of the Municipality requiring it.
Adopted and approved this 16th day of April, 2013.
/s Terry G. Jones
/s Lorrie B. Leach
The foregoing Resolution has been adopted. Unless within twenty (20) days from the date of publication hereof a petition, signed by at least ten percent (10%) of the registered voters of the City of Millington, Tennessee, shall have been filed with the City Clerk of the City of Millington, Tennessee, protesting the incurrence of the Indebtedness by the execution of the Loan Agreement, such Loan Agreement will be executed, as proposed.