Laserfiche WebLink
R-01-42 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE OF <br /> $56,335,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF <br /> PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC <br /> IMPROVEMENT BONDS, SERIES 2001 AND GENERAL OBLIGATION <br /> PUBLIC UTILITY BONDS, SERIES 2001 FOR THE PURPOSES OF <br /> REFINANCING $28,000,000 CITY OF PORTSMOUTH, VIRGINIA, <br /> GENERAL OBLIGATION PUBLIC IMPROVEMENT AND PUBLIC <br /> UTILITY BOND ANTICIPATION NOTES MATURING ON SEPTEMBER <br /> 30, 2001, FINANCING THE COSTS OF CAPITAL IMPROVEMENTS, <br /> EXTENSIONS AND ADDITIONS TO THE REVENUE-PRODUCING <br /> WATER AND SEWER SYSTEM OF THE CITY AND FINANCING THE <br /> COSTS OF VARIOUS PUBLIC IMPROVEMENTS PROJECTS IN THE <br /> CITY AND APPROVING THE FORM AND OTHER DETAILS OF THE <br /> BONDS; AUTHORIZING THE CITY MANAGER AND THE CHIEF <br /> FINANCIAL OFFICER TO TAKE ALL ACTIONS AS SHALL BE <br /> REQUIRED IN CONNECTION WITH THE ISSUANCE, SALE AND <br /> DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY MANAGER <br /> TO EXECUTE SUCH BONDS; AND OTHERWISE PROVIDING <br /> DETAILS WITH RESPECT TO THE ISSUANCE OF SUCH BONDS. <br /> <br /> WHEREAS, the Council (the "City Council") of the City of Portsmouth, Virginia (the <br />"City"), on August 23, 1994 adopted an ordinance authorizing the issuance of $22,900,000 <br />principal amount of City of Portsmouth, Virginia, General Obligation Public Utility Bonds for <br />the purpose of providing funds to pay the costs of capital improvements, extensions and <br />additions to the revenue-producing water and sewer system of the City and authorizing .the <br />issuance of a like principal amount of City of Portsmouth, Virginia, General Obligation Public <br />Utility Bond Anticipation Notes in anticipation of the issuance of such bonds (the "1994 <br />Ordinance"); and <br /> <br /> WHEREAS, in accordance with the provisions of Article VII, Section 10(a)(2) of the <br />Constitution of Virginia, 197I, the issuance of debt pursuant to the 1994 Ordinance was <br />approved by the majority of the qualified voters of the City voting upon the question of their <br />issuance at an election held on November 8, 1994; and <br /> <br /> <br />