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<br />("BANs") as provided in Section 15.2-2628 of the Code of Virginia of 1950, as amended. at <br /> <br />pub I ic or private sale in anticipation of the issuance of all or a portion of the General Obligation <br /> <br />13onds; provided the principal amount of the BANs shall not exceed $29.500.000. the term to <br /> <br />mat urity therellf shall not exceed five years and the true interest cost thereon shall not exceed <br /> <br />sev..:n percent (7%). The BANs shall be issued and sold in such manner as may be determined <br /> <br />by the City Manager and the Chief Financial Officer and upon such other terms and conditions <br /> <br />contained in this Ordinance to the extent not inconsistent with this Section 15. Each BAN issued <br /> <br />hcreunder shall be accompanied by a certificate of the City Manager and the Chief Financial <br /> <br />Otliecr of the City in the form prescribed in Section 12-16 of the Code of the City. The <br /> <br />provisions of Section 2 hereof shall apply to the BANs to the extent the same are not paid from <br /> <br />thc proceeds of the General Obligation Bonds or from any other available funds. <br /> <br />16. Further Actions. The City Manager, the Chief Financial Officcr, and such other <br /> <br />l,rticers and agents of the City as thc City Manager or Chief Financial Officer may designate, are <br /> <br />authorized and directed to take further action as they deem necessary or appropriate regarding <br /> <br />thc issuance, credit enhancement and sale of the Bonds, the Notes and the BANs and the <br /> <br />rdunding, redemption and payment of the Prior Bonds, including, without limitation, the <br /> <br />preparation. execution and delivery of any agreement relative to the tax-exempt status of the <br /> <br />Series 2006A Bonds and Series 2006C Notes and the use of the proceeds thereof and other <br /> <br />instruments. agreements and documents related to the issuance and sale of any series of the <br /> <br />Bonds or Notes. the purchase of municipal bond insurance or other credit enhancement for any <br /> <br />series of thc Bonds or Notes if market or other conditions so warrant, and the acquisition of <br /> <br />Ljualilicd defeasance securities (either on the open market or directly trom the United States <br /> <br />I"rcasury). fOl"\varc! purchase or supply arrangements relating to the investment of the proceeds of <br /> <br />-12- <br />