|
"Preliminary Official Statement" shall mean the Preliminary Official Statement of the City
<br />relating to the Series 1998 Bonds.
<br />
<br /> "Rule 15c2-12" shall mean Rule 15c2-12 promulgated by the Securities and Exchange
<br />Commission under the Securities Exchange Act of 1934.
<br />
<br /> "Series 1998 Bonds" shall mean the "City of Portsmouth, Virginia, Golf Course System
<br />Revenue Bonds, Series 1998", authorized to be issUed by the City pursuant to Section 5 and
<br />under and pursuant to the Trust Indenture.
<br />
<br /> "Trust Indenture" shall mean the Trust Indenture, dated as of May 1, 1998, to be entered
<br />into by and between the City and the Trustee.
<br />
<br /> "Trustee" shall mean Crestar Bank, a banking corporation organized under the laws of the
<br />Commonwealth of Virginia and having its principal office and its corporate trust office at in the
<br />City of Richmond, Virginia, in its capacity as Trustee under the Trust Indenture, and its
<br />successors as such trustee under the Trust Indenture.
<br />
<br /> "Underwriters" shall mean Legg Mason Wood Walker Incorporated and First Union
<br />Capital Markets.
<br />
<br /> SECTION 2. Findines and Determinations. The Council of the City hereby fmds and
<br />determines as follows:
<br />
<br /> (a) Pursuant to and in accordance with the Public Finance Act of 1991, Title 15.2,
<br />Chapter 26 of the Code of Virginia, 1950 (the ,'Act"), the City is authorized, subject to the
<br />provisions of the Act, to contract debts for any project (as defined in the Act), borrow money for
<br />any project and issue its bonds to pay all or any part of the cost of acquiring, constructing,
<br />reconstructing, improving, extending, enlarging and equipping any project.
<br />
<br /> (b) The term "project" is defined in the Act to mean any public improvement,
<br />property or undertaking for which the City is authorized by law to appropriate money, except for
<br />current expenses, and specific undertakings from which the City may derive revenues (sometimes
<br />called "revenue-producing undertakings") including, without limitation, certain facilities specified
<br />in the Act.
<br />
<br /> (c) The term "cost", as applied to any project or to extensions or additions to any
<br />project, is defined in the Act to include, inter alia, the purchase price of any project acquired by
<br />the City, the cost of improvements, property or equipment, the cost of construction or
<br />reconstruction, the Cost of all labor, materials, machinery and equipment, the cost of all land,
<br />property, rights, easements and franchises acquired, financing charges, interest before and during
<br />construction and for up to one year after completion of construction, start-up costs and operating
<br />capital, the cost of plans and specifications, surveys and estimates of cost and of revenues, the
<br />cost of engineering, legal and other professional services, expenses incident to determining the
<br />feasibility or practicality of the project, any amounts to be deposited to reserve or replacement
<br />funds and other expenses as may be necessary or incident to the financing of the project.
<br />
<br />
<br />
|