Subject: 20919/Bonds/Iss-Sale/StadiumCosts
Date: Thu, 4 May 1989 09:49:48 -0500


                                INITIAL RESOLUTION
                 
                 
                               RESOLUTION NO. 20919
                 
                 
                  A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE
                  OF BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT
                  TO EXCEED FIFTEEN MILLION, FIVE HUNDRED
                  TWENTY-FIVE THOUSAND DOLLARS ($15,525,000.00)
                  OF THE CITY OF CHATTANOOGA, TENNESSEE, FOR THE
                  PURPOSE OF PAYING ALL OR A PORTION OF THE
                  COSTS OF AN OUTDOOR STADIUM FACILITY.
                 
                 
                           ___________________________
                 
                 
       	    	 WHEREAS, Sections 9-21-101 et seq., of the Tennessee
       Code Annotated authorizes municipalities in the State of 
Tennessee
       to issue bonds for public works projects,
       	    	 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;
                                NOW, THEREFORE,
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
       CHATTANOOGA, TENNESSEE, That, pursuant to the provisions of
       Tennessee Code Annotated, referred to in the preamble hereof,
       there be issued and sold bonds in an aggregate principal amount
       not to exceed Fifteen Million, Five Hundred Twenty-Five Thousand
       Dollars ($15,525,000.00) of the City of Chattanooga, Tennessee,
       for the purpose of paying all or a portion of the costs of a new
0C
       outdoor stadium facility.  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 times and bear such date or
       dates and mature at such times as may hereafter be determined by
       resolution.
      
       ADOPTED:	 March 12, 1996
      
       JSB:cjc