Subject: 19439/Sale of Bonds/Sewers & Sewage Facilities
Date: Tue, 5 May 1992 10:19:00 -0500


                                INITIAL RESOLUTION
                  
                  
                               RESOLUTION NO. 19439
                  
                  
                   A RESOLUTION AUTHORIZING THE ISSUANCE AND
                   SALE OF BONDS IN THE AGGREGATE AMOUNT OF
                   TWENTY-FOUR MILLION, ONE HUNDRED EIGHTY
                   THOUSAND DOLLARS ($24,180,000.00) OF THE
                   CITY OF CHATTANOOGA, TENNESSEE, FOR THE
                   PURPOSE OF PAYING THE COST OF CONSTRUCTING
                   SEWERS AND SEWAGE FACILITIES AND FIXING THE
                   MAXIMUM RATE OF INTEREST SUCH BONDS SHALL
                   BEAR.
                  
                  
                                                    
                  
                  
       	    	 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
       Twenty-Four Million, One Hundred Eighty Thousand Dollars
       ($24,180,000.00) of the City of Chattanooga, Tennessee, for the
       purpose of paying the cost of constructing sewers and sewage
       facilities, and all costs incidental thereto, including, but not
       limited to, the paving of streets, roads, avenues, alleys or
       highways where said sewers have been constructed.  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
      
       RLN:cjc