2008 Ordinances - Laserfiche WebLink

Home Browse Search

NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, V irginia that: 1. Authorization of Bonds and Use of Proceeds. The City Council hereby finds and determines that it will benefit the inhabitants of the City through the promotion of their safety, health, welfare, convenience, or prosperity for the City to contract a debt and to issue and sell the Bonds in an aggregate principal amount not to exceed $30,000,000. The proceeds from the sale of the Bonds shall be used (i) to finance or refinance various capital improvement projects which may include one or more of the following: public utility improvements, drainage and street improvements, education/school improvements, economic development projects, leisure services improvements, public safety improvements, parking facilities improvements, and municipal facilities improvements; and (ii) to pay the costs of issuing the Bonds. The issuance and sale of the Bonds in one or more series from time to time in accordance with this Ordinance are authorized. 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Bonds as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City subject to local taxation sufficient to pay the principal of, premium, if any, and interest on the Bonds as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Designation of City Representative. For the purposes set forth in this Ordinance, the term "City Representative" shall mean the City Manager and the Chief Financial Officer, either of whom may act. -2-