2006 Ordinances - Laserfiche WebLink

Home Browse Search

"Series 2006B Bonds") (a) to refund all of the outstanding balance of the City's $5,450,000 General Obligation Note. Series 2003 (the "Mid-City Note"); and (b) to refund all of the outstanding halance of the City's $2.530,000 General Obligation Note, Series 2004 (Taxable) (the "NTELOS Note" and together with the Mid-City Note, the "Prior Taxable Notes"); and WHEREAS, no public hearing is required for the Series 2006B Bonds; and WHEREAS, the City has determined it is advisable to issue and sell general obligation notes of the City (the "General Obligation Notes" or "Series 2006C Notes" or "Notes") for the purpose of providing funds to pay a portion of the costs of the City's new courts complex in anticipation of future long-term financing by the City; and WHEREAS, the General Obligation Bonds, the General Obligation Refunding Bonds and the Taxable General Obligation Refunding Bonds shall be hereinafter referred to as the "Bonds;" and WHEREAS, the General Obligation Refunding Bonds and the Taxable General Obligation Refunding Bonds shall be hereinafter referred to as the "Refunding Bonds;" and WHEREAS, the llotel Bonds and the Prior Taxable Notes shall he hereinafter referred to as the" Prior Bonds." NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Bonds and Notes and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell (i) General Obligation Bonds of the City in an original principal amount not to exceed $29,500,000; (ii) General Obligation Refunding Bonds of the City, on a tax-exempt or taxable basis, in an original principal amount not to exceed $38,000,000; (iii) Taxable General Obligation Refunding Bonds -2-