Subject: 20635/Sale of Bonds/$15,895,000
Date: Tue, 5 May 1992 10:19:00 -0500


                                INITIAL RESOLUTION
                 
                 
                               RESOLUTION NO. 20635
                 
                 
                  A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE
                  OF BONDS IN THE AGGREGATE AMOUNT OF FIFTEEN
                  MILLION, EIGHT HUNDRED NINETY-FIVE THOUSAND
                  DOLLARS ($15,895,000.00) OF THE CITY OF
                  CHATTANOOGA, TENNESSEE, FOR THE PURPOSE OF
                  PAYING ALL OR A PORTION OF THE COSTS OF THE
                  CONSTRUCTION OF THE BIG RIDGE COLLECTOR SEWER,
                  THE DESIGN AND CONSTRUCTION OF THE MOCCASIN
                  BEND WASTEWATER TREATMENT PLANT EXPANSION, THE
                  DESIGN AND CONSTRUCTION OF THE INTERCEPTOR
                  SEWER SYSTEM COMPUTER HYDRAULIC MODEL, THE
                  DESIGN AND MODIFICATION OF INTERIM OUTFLOW
                  DIFFUSER IMPROVEMENTS, THE CONSTRUCTION OF
                  REGIONAL METERING STATIONS, THE IMPROVEMENT OF
                  THE OVERFLOW MONITORING/ALARM SYSTEMS, THE
                  CONSTRUCTION, IMPROVEMENTS AND DESIGN OF
                  COMBINED SEWER OVERFLOWS AS FOLLOWS: 
                  FACILITIES PLAN AMENDMENTS, BASINS FLOW
                  METERING AND SAMPLING, CONTROL SYSTEMS,
                  CHATTANOOGA CREEK/HOWARD SCHOOL AREA,
                  CHATTANOOGA CREEK/WILLIAMS STREET AREA,
                  CHATTANOOGA CREEK/CARTER STREET AREA AND
                  CITICO CREEK LOCATION, IMPROVEMENTS TO THE
                  LINING/CHATTANOOGA CREEK INTERCEPTOR AND THE
                  GENERAL REHABILITATION IN VARIOUS AREAS.
                 
                 
                                                    
                 
                 
       	    	 WHEREAS, Sections 9-21-101 to 9-21-1017, both inclusive,
       Tennessee Code Annotated, authorize municipalities in the State 
of
       Tennessee to issue bonds for public works projects; and
       	    	 WHEREAS, Section 9-21-205 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;
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                                NOW, THEREFORE,
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE, That pursuant to the provisions of the
       Tennessee Code Annotated, referred to in the preamble hereof,
       there be issued and sold Bonds in the aggregate amount of Fifteen 

       Million, Eight Hundred Ninety-Five Thousand Dollars
       ($15,895,000.00) of the City of Chattanooga, Tennessee, for the
       purpose of paying all or a portion of the costs of:  the
       construction of the Big Ridge Collector Sewer, the design and
       construction of the Moccasin Bend Wastewater Treatment Plant
       Expansion, the design and construction of the Interceptor Sewer
       System Computer Hydraulic Model, the design and modification of
       Interim Outflow Diffuser Improvements, the construction of
       Regional Metering Stations, the improvement of the Overflow
       Monitoring/Alarm Systems, the construction, improvements and
       design of Combined Sewer Overflows as follows:  Facilities Plan
       Amendments, Basins Flow Metering and Sampling, Control Systems,
       Chattanooga Creek/Howard School Area, Chattanooga Creek/Williams
       Street Area, Chattanooga Creek/Carter Street Area and Citico 
Creek
       location, improvements to the Lining/Chattanooga Creek 
Interceptor
       and the general rehabilitation in various areas.  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
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       times and bear such date or dates and mature at such times as may 

       hereafter be determined by resolution.
      
       ADOPTED:  May 23, 1995
      
       RLN:cjc
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                                     NOTICE
      
       	    The foregoing resolution has been adopted.  Unless within
       twenty (20) days from the date of the publication hereof a
       petition signed by at least ten percent (10%) of the registered
       voters of the municipality shall have been filed with the Mayor 
or
       Clerk protesting the issuance of the bonds, such bonds will be
       issued as proposed.
      
      
       	    	      	   	     ___________________________________
       	    	      	   	     GENE ROBERTS, Mayor
       	    	      	   	     City of Chattanooga