Subject: 19438/Sale of Bonds/Parking Garage, etc.
Date: Tue, 5 May 1992 10:19:00 -0500


                                INITIAL RESOLUTION
                  
                  
                               RESOLUTION NO. 19438
                  
                  
                   A RESOLUTION AUTHORIZING THE ISSUANCE AND
                   SALE OF BONDS IN THE AGGREGATE AMOUNT OF
                   FIVE MILLION, ONE HUNDRED TWENTY-THREE
                   THOUSAND DOLLARS ($5,123,000.00) OF THE CITY
                   OF CHATTANOOGA, TENNESSEE, FOR THE PURPOSE
                   OF PAYING A PORTION OF THE COSTS OF SECOND
                   STREET PARKING GARAGE, SCHOOLS LAB
                   EQUIPMENT, QUINT FIRE EQUIPMENT, POLICE
                   RADIO SYSTEM, LANDFILL METHANE COLLECTION
                   SYSTEM, PUBLIC WORKS EQUIPMENT, PAVING -
                   STREET IMPROVEMENTS, DOWNTOWN STREETSCAPE
                   IMPROVEMENTS, WARNER PARK BATH HOUSE AND
                   TENNIS COURTS, HIXSON RECREATION COMPLEX -
                   PHASE I, PARKS & RECREATION HEAVY EQUIPMENT
                   AND EASTDALE CENTER - PLANNING AND DESIGN.
                  
                  
                                                    
                  
                  
       	    	 WHEREAS, A79-21-101 to A79-21-1017, both inclusive,
       Tennessee Code Annotated, authorizes municipalities in the State
       of Tennessee to issue bonds for public works projects; and
       	    	 WHEREAS, A79-21-205 of said Code provides that before
       bonds may be issued the governing body of the municipality shall
       adopt a resolution known as the "INITIAL RESOLUTION" determining
       to issue such bonds;
                                NOW, THEREFORE,
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE, That pursuant to the provisions of
       Tennessee Code Annotated, referred to in the preamble hereof,
       there be issued and sold Bonds in the aggregate amount of Five
       Million, One Hundred Twenty-Three Thousand Dollars 
($5,123,000.00)
       of the City of Chattanooga, Tennessee, for the purpose of paying 
a
       portion of the costs of:  Second Street Parking Garage, Schools
       Lab Equipment, Quint Fire Equipment, Police Radio System, 
Landfill
       Methane Collection System, Public Works Equipment, Paving - 
Street
       Improvements, Downtown Streetscape Improvements, Warner Park Bath 

       House & Tennis Courts; Hixson Recreation Complex - Phase I, Parks 

       & Recreation Heavy Equipment, and Eastdale Center - Planning &
       Design.  Said bonds shall bear interest at such rate or rates not 

       to exceed the rate or rates prescribed by law payable 
semiannually
       and shall be payable exclusively from taxes and shall be issued 
at
       the time or times and bear such date or dates and mature at such
       times as may hereafter be determined by resolution.
      
       ADOPTED:  May 5, 199209
      
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