The City Council of the City of McKenzie, Tennessee adopted the following resolution at a meeting held on October 29, 2019: INITIAL RESOLUTION AUTHORIZING THE ISSUANCE OF WA- TER AND SEWER REVENUE AND TAX BONDS BY THE CITY OF MCKENZIE, TENNESSEE IN A PAR AMOUNT NOT TO EXCEED $1,050,000 TO FINANCE WATER AND SEWER SYSTEM IMPROVE- MENTS AND EXTENSIONS AND RELATED COSTS. BE IT RESOLVED by the City Council of the City of McKenzie, Ten- nessee (the “Municipality”) that for the purpose of financing water and sewer system improvements and extensions and related costs, the Municipality shall issue bonds in a par amount not to exceed $1,050,000, which shall bear interest at a rate or rates not to exceed the maximum rate permitted by Tennessee law, and which shall be payable from revenues of the water and sewer system (the “Sys- tem”) subject only to the payment of the reasonable and necessary costs of operating, maintaining, repairing and insuring the System and to prior pledges of such revenues in favor of certain prior lien obligations. In the event of a deficiency in such revenues, such bonds are payable from unlimited ad valorem taxes to be levied on all taxable property within the corporate limits of the Municipality. BE IT FURTHER RESOLVED by the City Council of City of McKen- zie, Tennessee that the City Recorder is hereby directed to cause this initial resolution to be published once in full in a newspaper having a general circulation in the Municipality together with the following statutory notice: NOTICE The foregoing resolution has been adopted. Unless within twenty (20) days from the date of publica- tion hereof a petition signed by at least ten percent (10%) of the registered voters of the Municipality shall have been filed with the City Recorder pro- testing the issuance of the bonds, such bonds may be issued as proposed. Jennifer Waldrup, City Recorder 25121657.2 PUBLIC NOTICE A1/47-1
