1984 Ordinances - Laserfiche WebLink

Home Browse Search

Section 2. In anticipation of the issuance of %he Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold $9,750,000 aggregate principal amount of public utility bond anticipation notes of the City (the ~Notes"). The proceeds of the Notes shall be applied for the same purposes as are specified in Section 1, paragraph (a) 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 be mature and be payable within two 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 are determined by the Director of Finance of the City. The City may sell all or part Of the Notes alone or contemporaneously ~it~ 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 Director of Finance. The issuance and details of such Notes shall be governed by the provisions of Section 15.1- 223 of Title 15.1, Chapter 5, Article 7 of the Code of Virginia, 1950, as amendedf and Article I of Chapter !1 of the Code of the City. Each Note issued hereunder shall be accompanied by a certificate of the City Manager and the Director of Finance cf the City in the form prescribed in Sectlon 11-17 of the Code of the City. The provisions of Section 1, paragraph lc) hereof shall apply to the Notes to the extent the same are not paid from the proceeds of the Bonds or from any other available funds. The sale of the Notes and the form and other details thereof shall be approved, ratified and confirmed by resolution of this Council. Bonds in anticipation of which the Notes are issued must be issued and sold ±n accordance with this Ordinance not later than five years of the date of orzginal zssue of the first Notes. Section 3. No bonds or n~tes shall be issued under this Ordinance unless and until their issuance shall have been approved by the affirmative vote of a majority of the qualified voters of the City of Portsmouth, voting upon the question of theft issuance under the applicable provisions of the Code of Virginia, and acts amendatory thereof and supplemental thereto. Section 4. The City Attorney be, and he is hereby directed to present to the Circuit Court of the City of Portsmouth, or to the Judge thereof in vacation, a duly certified copy of ~nzs Ordinance and to take such steps as may be necessary and proper to cause to be submitted to the qualified voters of the City the question of whether the bonds provided for in this Ordinance shall be issued.