1996 Resolutions - Laserfiche WebLink

Home Browse Search

-2- In each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, levied and collected, upon all property within the City subject to taxation by the City a tax, 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 of and premium, if any, and interest on the Bonds to the extent other funds of the City are not lawfully available and appropriated for such purpose. 3. The proceeds of sale of the Bonds shall be applied to the payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descriptions of the respective projects: Purpose Amount Drainage and Street Improvements $ 867,000 Education 100,000 Industrial and Economic Development 1,793,227 Leisure Services 300,000 Public Safety 300,000 Municipal Facilities 739,773 $4.100.000 provided that if any such project shall require less than the entire respective amount set forth above, the difference may be applied to pay the cost of any other project so set forth. 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold Four Million One Hundred Thousand Dollars ($4,100,000) aggregate principal amount of general obligation public improvement bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for the same purpose as is specified in Paragraph 1 with respect to the application of the proceeds of the Bonds. The Notes may be issued in their entirety, at one time, or in part from time to time, at any time; shall mature and be payable within five years from their date; and shall be sold at competitive or negotiated sale at not less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof and payment therefor and on such other terms and conditions as shall be determined by the City Manager and the Deputy City Manager for Finance of the City. The City Manager and the Deputy City Manager of the City are hereby authorized to approve the sale of the Notes as provided herein; provided that (i) in no event shall the stated rate of interest for any Note be in excess of ten per cenmm (10%) per annum; (ii) in no event shall any redemption premium payable upon the . redemption of any Note exceed three percent (3 %) of the principal amount thereof; and (iii) in no event shall the maturity of any Note be m excess of the maturity permitted under Section 15.1-227.29 of the Code of Virginia, 1950. The City may sell all or part of the Notes alone or contemporaneously with any other general obligation notes or with any general obligation bonds of the City. There may be prepared and distributed a preliminary and a final Official Statement relating to any Notes in such form as shall be approved by the Deputy City Manager 132359.1 017215 RES