Subject: 19537/Amend 19518/Refunding Gen. Obl. Bonds
Date: Thu, 2 Jul 1992 13:59:00 -0500


                              AUTHORIZING RESOLUTION
                   
                               RESOLUTION NO. 19537
                   
                   
                   A RESOLUTION AMENDING RESOLUTION NO. 19518, 
                   ENCAPTIONED "A RESOLUTION AUTHORIZING THE 
                   REFUNDING OF CERTAIN OUTSTANDING GENERAL 
                   OBLIGATION BONDS; AUTHORIZING THE DELEGATION 
                   OF THE AUTHORITY TO APPOINT AN ESCROW AGENT 
                   AND AN ESCROW VERIFICATION AGENT IN 
                   CONNECTION WITH SUCH REFUNDING TO THE MAYOR 
                   AND/OR THE CITY FINANCE OFFICER; AUTHORIZING 
                   AN UNDERWRITING FEE IN CONNECTION WITH SUCH 
                   REFUNDING; AND AUTHORIZING THE UNDERWRITERS 
                   WHO WILL PARTICIPATE IN SUCH REFUNDING." SO 
                   AS TO INCLUDE AMONG THE BONDS BEING REFUNDED 
                   THE CITY'S OUTSTANDING GENERAL OBLIGATION 
                   BONDS, MUNICIPAL PUBLIC IMPROVEMENT BONDS, 
                   AND SEWER AND SEWAGE FACILITIES BONDS, 1990.
                   
                   
                                                     
                   
                   
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF 
       CHATTANOOGA, TENNESSEE, That Resolution No. 19518, encaptioned as 
       hereinabove set forth, be and is hereby amended by deleting 
       Section 1 and inserting in lieu thereof a new Section 1 as 
       follows:
            	 "SECTION 1.  That the refunding of the City's 
            outstanding General Obligation Bonds, Municipal Public 
            Improvement Bonds, and Sewer and Sewage Facilities 
            Bonds, 1990, the City's outstanding General Obligation 
            Bonds, Municipal Public Improvement Bonds and Sewer and 
            Sewage Bonds, 1988, and outstanding General Obligation 
            Bonds, Municipal Public Improvement Bonds and Sewer and 
            Sewage Facilities Bonds, 1986 by the issuance of general 
            obligation refunding bonds, provided that a present 
            value debt service savings equal to at least three 
            percent (3%) of the bonds to be refunded would be 
            realized by such a refunding, is hereby authorized, and 
            that the Mayor and/or the City Finance Officer are 
            hereby authorized to proceed therewith."
       	    	 SECTION 2.  That this Resolution shall take effect from 
       and after its passage, the public welfare requiring it.
       
       ADOPTED:  July 28, 1992	
       
       RLN:cjc