2001 Resolutions - Laserfiche WebLink

Home Browse Search

WHEREAS, of the $5,200,000 principal amount of City of Portsmouth, Virginia General Obligation Public Improvement Bonds authorized for issuance under the 1999 Resolution, a portion of the 2001 Note in the principal mount of $5,000,000 was issued in anticipation of the issuance of the bonds authorized by the 1999 Resolution; and WHEREAS, the City Council, on April 25, 2000, adopted a resolution authorizing the issuance of $5,640,000 principal am0ant of City of Portsmouth, Virginia, General Obligation Public Improvement Bonds, with respect to which a public hearing was duly advertised and conducted on May 22, 200I, for the purpose of providing funds to pay the costs of various public improvements to be located in the City, none of which has been issued (the "2000 Resolution"); and WHEREAS, the City Council, on January 23, 2001, after a duly advertised and conducted public hearing, adopted a resolution authorizing the issuance of $11,500,000 principal amount of City of Portsmouth, Virginia, General Obligation Financing for the purpose of providing funds to pay the costs of various economic development and redevelopment projects to be located in the City, none of which has been issued (the "200lA Resolution"); and WHEREAS, the City Council on May 22, 2001, duly advertised and conducted a public hearing, adopted a resolution on the issuance of $4,240,000 principal amount of City of Portsmouth, Virginia General Obligation Public Improvement Bonds for the purpose of providing funds to pay the costs of various public improvements to be located in the City, as described in the notice of public hearing (the "Notice"); and WHEREAS, the City has determined to issue its General Obligation Public Improvement Bonds, Series 2001 and its Public Utility Bonds, Series 2001 in the aggregate principal amoum of $56,335,000 (the "Bonds") for the following purposes: (i) to pay the 2001 Note at maturity,