1997 Resolutions - Laserfiche WebLink

Home Browse Search

improvement projects of and for the City set forth in Section 7 hereof, including the costs of issuing the Public Improvement Bonds, which costs may include any premium for municipal bond insurance or the cost of any alternative credit enhancement for the Public Improvement Bonds. (b) Pursuant to the Public Finance Act of 1991 and the Charter of the City, there are hereby authorized to be issued and sold not to exceed Thirteen Million Six Hundred Thousand Dollars ($13,600,000) aggregate principal amount of general obligation refunding bonds of the City to be designated as "City of Portsmouth, Virginia, General Obligation Public Improvement Refunding Bonds" (the "Public Improvement Refunding Bonds"), for the purpose of providing funds to refund in advance of their stated maturities and redeem the Refunded 1992 Public Improvement Bonds and to pay the costs of issuing the Public Improvement Refunding Bonds, including any premium for municipal bond insurance or the cost of any alternative credit enhancement for the Public Improvement Refunding Bonds. The Public Improvement Refunding Bonds shall be sold, together with the Public Improvement Bonds, as a combined issue at an aggregate principal amount of not to exceed Thirty-Five Million Six Hundred Forty-Five Thousand Dollars ($35,645,000) to be designated as "City of Portsmouth, Virginia, General Obligation Public Improvement and Refunding Bonds, Series 1997A" (the "Series 1997A Bonds"). (c) Pursuant to the Public Finance Act of 1991 and the Charter of the City, there are hereby authorized to be issued and sold not to exceed Four Million Five Hundred Thousand Dollars ($4,500,000) aggregate principal amount of general obligation refunding bonds of the City to be designated "City of Portsmouth, Virginia, General Obligation Public Utility Refunding Bonds, Series 1997B" (the "Series 1997B Bonds"), for the purpose of providing funds to refund an advance of their stated maturities and redeem the Refunded 1992 Public Utility Bonds and to pay the costs of issuing the Series 1997B Bonds, including any premium for municipal bond insurance or the cost of any alternative credit enhancement for the Series 1997B Bonds. (d) Pursuant to the Public Finance Act of 1991 and the Charter of the City, there are hereby authorized to be issued not to exceed Eleven Million Nine Hundred Thousand Dollars ($11,900,000) principal amount of taxable general obligation refunding bonds of the City to be designated "City of Portsmouth, Virginia, Taxable General Obligation Refunding Bonds, Series 1997C" (the "Series 1997C Bonds"), for the purpose of providing funds to refund the Existing VRS