2009 Resolutions - Laserfiche WebLink

Home Browse Search

Exhibit A FORM OF NOTE UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA No. N- CITY OF PORTSMOUTH GENERAL OBLIGATION BOND ANTICIPATION NOTE, SERIES _ CITY OF PORTSMOUTH, VIRGINIA ("City"), for value received, acknowledges itself indebted and promises to pay to , as registered owner of this Note or legal representative, the principal amount of Dollars ($ ) and to pay interest on the principal amount of this Note at the annual rate of _%. Principal of and interest on this Note shall be paid at maturity on , 200_. Both principal of and interest on this Note are payable in lawful money of the United States of America. The interest on this Note is payable by check or by wire transfer mailed or sent to the registered owner hereof without presentation and surrender except for the final payment of principal and interest which shall be payable upon presentation and surrender hereof at the office of the City Treasurer. Interest shall be calculated on the basis of [twelve 30-day months.] This Note has been duly authorized by the City Council and is issued in anticipation of the issuance and sale of the City's general obligation bonds for the purpose of providing funds to pay the costs, in whole or in part, of certain payments to be made by the City pursuant to a Revised Sale and Development Agreement, dated , 2009 providing for the development and sale to the City of courthouse facilities. The full faith and credit of the City are irrevocably pledged for the payment of the principal of and premium, if any, and interest on this Note in accordance with its terms. The City Council has the power and is authorized and required by law to levy and collect annually, a tax upon all taxable property within the City, over and above all other taxes authorized or limited by law, and without limitation as to rate or amount, sufficient to pay when due the principal of and interest on this Note to the extent other funds of the City are not lawfully available and appropriated for such purpose. This Note is issued under the authority of and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, and, more particularly, issued pursuant to the Public Finance Act of 1991, Chapter 26 of Title 15.2 of the Code of Virginia of 1950, as amended and a resolution adopted by the City Council on September 8, 2009 ("Resolution"). [Prepayment provisions.] This Note may be transferred only by an assignment duly executed by the registered owner hereof or such owner's attorney or legal representative in a form satisfactory to the Chief Financial Officer, as Note Registrar. Such transfer shall be made in the registration books kept by the Note Registrar upon presentation and surrender hereof and the City shall execute, and the Note Registrar shall authenticate and deliver in exchange, a new Note having an equal aggregate principal amount, of the same form and maturity, bearing interest at the same rate, and registered