Laserfiche WebLink
.'~?' 'NOW,' THEREFORE, BE IT RESOLVED by the Council of the <br />~Ci~y0f.~P0rtsmouth, ~irginia: . <br /> <br /> Pursuant to Chapter 5 of Title 15.1 <br /> 1950, as amended, the same being <br /> , in particular Section 15.1-222 <br /> and the Chafer of the City,~ as amended, for the <br /> ~roviding moneys to pay a,portion of the costs <br /> ~ct[in anticipation of the~.receipt by the City of <br /> of the proceeds of the Grant (as defined <br /> Resolution), there are hereby <br /> Lssu~d Three Million Two Hundred Thousand <br /> )rincipaI amount of general obligation <br /> ~ote.s' of the City to be designated. <br /> ~ Virginia, Grant Anticipation Notes, <br /> ,Notes"). The Notes shall be dated as <br /> be issued as bearer notes, without <br /> ~istration , shall b~ of~.the denomination of <br /> <br /> 30, 1983; and shatl tear,interest from their <br /> (comp~t~d, on,~the~basis of a 360~day year of twelve 30- <br /> ~ at the rate of' ten per <br /> <br /> be~subj or <br /> r stated maturity~ <br /> <br /> 'pal 0f'~nd interest on ~the <br /> coin or currency of the <br /> ~s at the respectivs dates of -~' <br /> r for public~and~private debts. <br /> [ inheres% on the Notes shall~be payable <br /> .e trust~office of the Virginia <br /> , Virginia, or, at the option of the <br /> · Not~, a~ the pri~cipatcorpor~te~ trust office <br /> Chase Manhattan Bank, N.A., in New York, New York,. <br />~ the Paying Agents for the Notes. '~ <br />· ~ "SeCtioh~3.~!'~ !.The N0~es shall be and hereby are <br />~!.mad~ payable asfOllows: (a) the interest on the Notes <br />~from their date to their stated maturity shall be paid from <br />proceeds from the-sale of the Notes deposited in the Note <br />Repa~ment Account created and estab!.ished pursuant to, and <br />to be held in trust and administered by the City under, <br />this Resolution; and (b) the principal of the Notes shall <br />be paid from the proceeds of the Grant deposited in the <br />Note Repasrment kccount to the extent such proceeds shall <br />exceed $1,204,O20. There shall be and hereby is pledged to <br />the payment of the principal of and interest on~ the Notes <br />as the sa~.e shall become due the proceeds of the Grant and <br />the proceeds of the Notes on deposit in the Construction <br />Account created and established pursuant to, and to be <br />held in trust and administered by the City under, this <br />Resolution, until such proceeds shall be expended in <br /> <br /> <br />