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Principal <br />Amount Purpose <br /> <br />9riginal Issuance 'Renewal 'Issuance <br />Date - 'Interest ~te '~TntereSt <br /> <br />$400,000 Education 2-24-81 9.00% <br />$151,843 <br /> <br /> Community Services <br /> $248,157 <br /> <br />$400,O00~Community Services <br /> $400,OO0 ~ <br /> <br />3-24-81 7.80% <br /> <br />6-24-81 9.77% <br /> <br />$550,000 Community Services 4-21-81 8.00% <br /> $188,543 <br /> <br />Urban Renewal <br />$361,457 <br /> <br /> WHEREAS, in accordance with Section 11-~7 of the Code off <br />the City, the City Manager and the Director of Finance executed <br />and delivered the certificate required by such section to the <br />City Treasurer, a~d the City Treasurer and the City Clerk, in <br />accordance with the instructions set forth in such certificate, <br />issued and delivered $3,400,000 principal s_mount of the Notes, <br />a photocopz-of the No~tes in such principal amount being <br />attached hereto a~ Ex~bibit A; and <br /> <br /> WHEREAS, the Council of the City desires to approve, <br />ratify and confirm the action of the City Clerk, the City <br />Manager,_the City Treasurer, and the Director of Finance in <br />issuing, selling, executing and delivering such Notes and <br />the form and details thereof, all in accordance with paragraph <br />4 of the Authorizing Resolution. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE <br />CITY OF PORTSMOUTH, VIRGINIA: <br /> <br /> 1. This Council hereby approves, ratifies and confirms <br />the action of the City Clerk, the City Manager, the City Treasurer, <br />and the Director of Finance of the City in issuzng, selling, <br />exeouting and delivering $3,400,000 principal amount of the <br />Notes-at a purchas~ pric~ of par ~l~as-~nterest accrued thereon <br />from the date thereof to the date of delivery thereof and <br />payment therefor. This Council further approves, ratifies <br />and confirms the form of the Notes attached hereto as Exhibit <br /> <br /> <br />