Ordinances 2013 - Laserfiche WebLink

Home Browse Search

WHEREAS, the City Council has determined that it is advisable to issue and sell general obligation bonds of the City (the "Bonds") in an aggregate principal amount not to exceed $175,000,000 in order to finance (i) the Retirement Systems Contributions, (ii) a contribution to the PSRS to reduce or eliminate the offset of Social Security payments to participants, and (iii) the costs of issuing the Bonds; and WHEREAS, a public hearing on the issuance of the Bonds has been held after notice was published in accordance with the requirements of Section 15.2-2606 of the Code of Virginia of 1950, as amended (the "Virginia Code"). NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. Authorization of Bonds and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell the Bonds in an aggregate principal amount not to exceed $175,000,000 for the purposes specified in the recitals. The issuance and sale of the Bonds in one or more series from time to time in accordance with this Ordinance are authorized. The proceeds from the sale of the Bonds shall be used to finance (i) the Retirement Systems Contributions, (ii) a contribution to the PSRS to reduce or eliminate the offset of Social Security payments to participants, (iii) and the costs of issuing the Bonds. The City Council hereby finds and determines that having well-funded retirement systems with an appropriate level of benefits and the issuance of the Bonds for the purposes stated above promote the health, safety, welfare, morale and prosperity of the City's residents. 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 -2-