Subject: 19815/Borrow-CapitalBudget,Etc.
Date: Fri, 16 Apr 1993 14:15:00 -0500


                             RESOLUTION NO.   19815 
                  
                  
                   A RESOLUTION AUTHORIZING THE CITY FINANCE
                   OFFICER TO INITIATE THE NECESSARY ACTIONS
                   WITH THE TENNESSEE MUNICIPAL BOND FUND TO
                   OBTAIN FUNDING FOR VARIOUS CAPITAL PROJECTS
                   IN THE AMOUNT OF SEVEN MILLION, FOUR HUNDRED
                   TWENTY-FIVE THOUSAND, ONE HUNDRED FIFTY-
                   -SEVEN AND NO/100 DOLLARS ($7,425,157.00)
                   FOR THE FISCAL YEAR 1992-93 CAPITAL BUDGET
                   AND THE ACQUISITION OF THE PROPERTY AT 535
                   CHESTNUT STREET.
                  
                  
                                                    
                  
                  
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE, That the City Finance Officer be and is
       hereby authorized to initiate actions with the Tennessee 
Municipal
       Bond Fund to borrow funds in the form of fixed rate capital 
outlay
       notes in order to finance various capital projects as specified 
in
       the fiscal year 1992-93 Capital Budget in the amount of
       $5,925,157, and to purchase the office building at 535 Chestnut
       Street, Chattanooga, for the amount of $1,400,000, plus $100,000
       for renovations.
       	    	 BE IT FURTHER RESOLVED, That the Mayor and City Finance
       Officer shall return to the City Council with a second resolution 

       specifying interest rate and terms of the loan at such time as 
the
       application has been approved by the Tennessee Municipal Bond
       Fund.
      
       ADOPTED:	 April 27, 1993
      
       JB(RLN):cjc