1996 Resolutions - Laserfiche WebLink

Home Browse Search

R-96-5 RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE AND SALE OF $40,000,000.00 PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1996, AND $13,000,000.00 PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA GENERAL OBLIGATION PUBLIC UTILITY BONDS, SERIES 1996; ACCEPTING A PROPOSAL TO PURCHASE SUCH BONDS; FIXING THE RATES OF INTEREST TO BE BORNE BY SUCH BONDS; FIXING THE FORM OF SUCH BONDS; APPROVING AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT RELATING TO SUCH BONDS; AUTHORIZING THE EXECUTION OF CERTIFICATES RELATING TO SUCH OFFICIAL STATEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE CERTIFICATE RELATING TO SUCH BONDS; AND RATIFYING CERTAIN ACTS IN CONNECTION WITH THE SALE OF SUCH BONDS BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: SECTION 1. {a) Pursuant to a resolution adopted by this Council on November 28, 1995, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF $52,325,000.00 OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR SUCH CITY; AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS; AND RESCINDING $52,325,000.00 OF PREVIOUSLY APPROVED GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND AUTHORIZATIONS", this Council authorized the issuance of $52,325,000.00 principal amount of General Obligation Public Improvement Bonds (the "Public Improvement Bonds") of the City of Portsmouth, Virginia (the "City"). (b) Pursuant to an ordinance adopted by this Council on August 23, 1994, entitled "AN ORDINANCE TO AUTHORIZE THE CITY OF PORTSMOUTH, VIRGINIA, TO CONTRACT A DEBT AND ISSUE $22,900,000.00 PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BONDS TO FINANCE THE COSTS OF CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE REVENUE-PRODUCING WATER AND SEWER SYSTEM OF SUCH CITY, UNDER AND PURSUANT TO ARTICLE VII, SECTION 10 (a) (2) OF THE CONSTITUTION OF VIRGINIA, 1971, AND CHAPTER 5.1 OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950, AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION