1989 Resolutions - Laserfiche WebLink

Home Browse Search

The Bonds shall be issued as a single, typewritten bond substantially in the form attached hereto as Exhibit A. 4. Interest Rates; Principal Installments. (a) The Mayor of the City is hereby authorized and directed to accept th~ interest rate or rates on the Bonds established by VPSA, provided that no such interest rate or rates shall be more than sixty-five one hundredths of one percent (65/100 of 1%) over the annual rate to be paid by VPSA for the corresponding maturity on the bonds to be issued by VPSA, the proceeds of which will be used to purchase the Bonds (the "VPSA Bonds"), and provided further, that no interest rate of the Bonds shall exceed nine percent (9%) per annum, and the execution and delivery of the Bonds as described in Section 6 hereof shall conclusively evidence the same as having been approved and authorized by this Resolution. (b) The principal amount of the Bonds shall be payable in nine (9) semi-annual installments the first of which shall be due December 15, 1989, and the remaining installments semi-annually thereafter. The Mayor of the City is hereby authorized and directed to establish the principal amount of the Bonds not to exceed $243,915.41 and to accept the amortization schedule on the Bonds established by VPSA, provided that debt service on the Bonds from their dated date until the end of the first fiscal year (1989-1990) shall not exceed the amount appropriated by the General Assembly from the Literary Fund therefor, and provided further, that debt service on the Bonds from the second fiscal year to the fifth fiscal year shall be approximately level, subject to the actual rate or rates of interest on the VPSA Bonds, and the execution and delivery of the Bonds as described in Section 6 hereof shall conclusively evidence the same as having been approved and authorized by this Resolution. 5. Payment~Pa~in~'A~ent and Registrar. The Director of Finance of the City is hereby designated as Bond Registrar and Paying Agent for the Bonds and the following provisions shall apply: (a) Ail payments of principal of and interest on the Bonds shall be made in immediately available funds to VPSA at or before 11:00 a.m. on the applicable Interest Payment Date and Principal Payment Date, or if such date is not a business date for Virginia banks or for the Commonwealth of Virginia, then at or before 11:00 a.m. on the business day preceding such Interest Payment Date and Principal Payment Date; and (b) Ail overdue payments of principal or interest shall bear interest at the applicable interest rate or rates on the Bonds.