Subject: 20780/RefundSewerBonds/1986
Date: Thu, 4 May 1989 09:49:48 -0500


                               RESOLUTION NO. 20780
                 
                 
                  A RESOLUTION AUTHORIZING THE REFUNDING OF
                  CERTAIN OUTSTANDING SEWER AND SEWAGE
                  FACILITIES 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 DELEGATING THE APPOINTMENT OF
                  THE UNDERWRITERS WHO WILL PARTICIPATE IN SUCH
                  REFUNDING.
                 
                 
                           ___________________________
                 
                 
       	    	 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, A79-21-901 to A79-21-916, both inclusive,
       Tennessee Code Annotated, authorizes municipalities in the State
       of Tennessee to issue general obligation refunding bonds to 
refund
       outstanding general obligations; and
       	    	 WHEREAS, the City Council of the City of Chattanooga,
       Tennessee,hereby determines that a refunding of outstanding
       general obligation bonds would be advantageous to the City and
       would produce a financial benefit for the City;
                                NOW, THEREFORE,
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE:
0C
       	    	 SECTION 1.  That the refunding of the City's outstanding
       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 the authority to appoint an Escrow
       Agent and an Escrow Verification Agent in connection with any 
such
       refunding is hereby delegated to the Mayor and/or the City 
Finance
       Officer.
       	    	 SECTION 3.  That an underwriting fee to be paid in
       connection with any such refunding is hereby authorized, which
       underwriting fee shall not exceed Ten Dollars ($10.00) per One
       Thousand Dollars ($1,000.00) of such refunding bonds.
       	    	 SECTION 4.  That the authority to appoint underwriters
       to participate in the refunding as well as an underwriter who
       shall act as senior manager of the underwriting group is hereby
       delegated to the Mayor and/or the City Finance Officer.
       	    	 SECTION 5.  That this Resolution shall take effect from
       and after its passage, the public welfare requiring it.
      
       ADOPTED:	 November 7, 1995
      
       RLN:cjc
0C
      
       	    I, CAROL K. O'NEAL, Clerk to the City Council, City Council
       of the City of Chattanooga, Tennessee, do hereby certify that the 

       foregoing is a true, compared and correct copy of Resolution No.
       _____________, adopted by the City Council of the City of
       Chattanooga, Tennessee, on November 7, 1995.
       	    WITNESS  my hand and the Seal of the City of Chattanooga,
       Tennessee, this ______ day of November, 1995.
      
      
       	    	      	   	     ____________________________________
       	    	      	   	     	       CAROL K. O'NEAL
       	    	      	   	       Clerk to the City Council of the
       	    	      	   	        City of Chattanooga, Tennessee