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R-00-36 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE LEASE FINANCING OF A NEW MUNICIPAL BUILDING. WHEREAS. the City Council of the City of Portsmouth, Virginia ('the "City") has determined that it is necessary and advisable to authorize the development and lease financing of a new municipal building to house the Departments of Social Services and Public Health (the "Facility"): WHEREAS, the City Council proposes to finance the acquisition of the Facility pursuant to a general obligation capital lease (the "Lease") under which the City will lease the Facility and make rental payments therefor with a maximum aggregate prmcipat component of $13,000,000 thirteen million); and WHEREAS. a public hearing has been held with respect to the proposed lease financing on June 27.2000. as required by and in accordance with Section 15.2-2606A of the Code of Virginia of 1950. as amended:. NOW. THEREFORE. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia. that: Authorization and Execution of Lease. The City Council hereby authorizes the acquisition and financing of the Facility pursuant to the Lease and authorizes and directs the City Manager to approve the terms of the Lease, which approval shall be evidenced conclusively by thc execution of the Lease, provided that the aggregate amount of the principal components of thc rental payments shall not exceed $13,000,000 (thirteen million) and the term of the Lease shall not exceed 20 (twenty) years. The City Council authorizes and directs the City Manager to execute on behalf of the City, the Lease. and, if required, the Clerk or any Deputy Clerk of the City is authorized and directed to affix or to cause to be affixed the seal of the City to the Lease and to attest such seal. The City Manager and his designees are authorized to execute and deliver on behalf of the City such instruments, documents or certificates, and to do and perform such things and acts. as they shall deem necessary or appropriate to carry out the transactions authorized by this Resolution or contemplated by the Lease; and all of the foregoing, previously done or performed by such officers or agents of the City, are in all respects approved, ratified and confirmed. 2. Pledge of Full Faith and Credit. The full faith and credit of the City is hereby irrevocably pledged to the payment of the principal and interest components of rental payments under the Lease as the same become due. In each year while the Lease. is outstanding and any rental payments are unpaid, there shall be assessed, levied and collected, at the same time and in the same manner as other taxes of the City are assessed, levied and collected, a tax upon all taxable property within the City, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal, and interest components of rental payments under the Lease to the extent other funds of the City are not lawfully available and appropriated for such purpose.