Subject: 20812/Supp-Iss-SaleSewerBds(Ref)/1995/SeriesA
Date: Fri, 31 Jul 1992 10:13:00 -0500


                               RESOLUTION NO. 20812
                  
                  
                   A SUPPLEMENTAL RESOLUTION AUTHORIZING THE
                   ISSUANCE AND SALE OF TWENTY-TWO MILLION, TWO
                   HUNDRED SEVENTY THOUSAND AND NO/100 DOLLARS
                   ($22,270,000.00) PRINCIPAL AMOUNT OF THE
                   CITY OF CHATTANOOGA, GENERAL OBLIGATION
                   SEWER AND SEWAGE FACILITIES REFUNDING BONDS,
                   1995 SERIES A.
                  
                  
                                                    
                  
                  
       	    	 WHEREAS, pursuant to the provisions of Sections 9-21-101
       et seq., of the Tennessee Code Annotated (the "Act"), the City
       Council of the City of Chattanooga, Tennessee (the "Council") 
duly
       adopted Resolution Nos. 20780 and 20800 on November 7, 1995 and
       November 14, 1995, respectively (the "Resolutions") authorizing
       the refunding of the City of Chattanooga, Tennessee General
       Obligation Sewer and Sewage Facilities Bonds, Series 1986 
maturing
       in the years 1999 to 2009 inclusive.
       	    	 WHEREAS, pursuant to the Act, the Council duly adopted
       Resolution No. 20800 on November 14, 1995 (the "Series A
       Resolution") authorizing the issuance and sale of an amount not 
to
       exceed $25,090,000 principal amount of General Obligation Sewer
       and Sewage Facilities Refunding Bonds, 1995 Series A (the "Series 

       A Bonds"), which Series A Resolution sets forth the terms and
       conditions of the Series A Bonds;
       	    	 WHEREAS, the provision of the Series A Resolution
       required the adoption of a supplemental resolution by the Council
0C
       to set the maturity date and principal amount of the Series A
       Bonds;
       	    	 WHEREAS, the Council desires at this time to issue and
       sell $22,270,000.00 principal amount of Series A Bonds in order 
to
       refund the Refunded Bonds;
       	    	 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
       THE CITY OF CHATTANOOGA, TENNESSEE:
       	    	 SECTION 1.  That the City hereby approves, ratifies and
       confirms the sale of $22,270,000.00 of Series A Bonds to Wachovia 

       Bank of North Carolina, N.A. at an aggregate purchase price of
       $21,997,800.00 pursuant to the provisions of the proposal, as
       negotiated, submitted to the Mayor on November 16, 1995.  The 
sale
       of the Series A Bonds shall be subject to the terms and 
provisions
       set forth in a Bond Purchase Agreement and the Mayor and City
       Finance Officer are hereby authorized and directed on behalf of
       the City to carry out or cause to be carried out all the
       obligations of the City under said Bond Purchase Agreement, and 
to
       take all actions contemplated to be taken by the City pursuant to 

       the terms of said Bond Purchase Agreement.
       	    	 SECTION 2.  That there be issued and sold Series A Bonds
       in the amount of $22,270,000.00, which Series A Bonds shall be
       subject to all the terms and conditions set forth in the Series A 

       Resolution.  The Series A Bonds shall bear interest as set forth
       below, and shall mature on May 1 in the years and amounts as
       follows:
       	    	      	       Interest	       	    	         Interest
       Year       Amount         Rate  	   Year      Amount        Rate  

      
       1996    $   205,000	4.20%	   2006	  $ 2,085,000	  4.80%
       1997        420,000	4.20	   2007	    2,310,000	  5
       1998        440,000	4.20	   2008	    2,295,000	  5
       1999      1,660,000	4.20	   2009	    2,185,000	  5.125
       2000      1,645,000	4.30	                      
       2001      1,680,000	4.40	       	               
       2002      1,715,000	4.50	                      
       2003      1,795,000	4.60                    
       2004      1,880,000	4.70	                      
       2005      1,955,000	4.80
      
       	    	 SECTION 3.  That the City hereby authorizes and empowers
       the Mayor and City Finance Officer to carry out or cause to be
       carried out all the obligations of the City under the Series A
       Resolution, and to take all action contemplated to be taken by 
the
       Series A Resolution.
       	    	 SECTION 4.  That this Resolution take effect from and
       after its passage as provided by law.
      
       ADOPTED:  November 21, 1995
      
       RLN:cjc