Laserfiche WebLink
<br />14. Continuing Disclosure. The City Representative is hereby authorized and <br /> <br /> <br />directed to enter into a Continuing Disclosure Agreement for the benefit of the owners of the <br /> <br /> <br />Bonds to assist the underwriter(s) for the Bonds in complying with the provisions of Section <br /> <br />(b)( 5) of Securities and Exchange Commission Rule 15c2-12. <br /> <br />15. Authorization of Bond Anticipation Notes. If market or other conditions are such <br /> <br />that the City Representative determines that it is not advisable to enter into a long-term financing <br /> <br />for all or any portion of the projects specified in the recitals, the City Representative, without <br /> <br />further approval of the City Council as to documentation or otherwise, is hereby authorized to <br /> <br />execute, deliver and issue short-term notes of the City (the "Notes") as provided in Section 15.2- <br /> <br />2628 of the Virginia Code at public or private sale in anticipation of the issuance of any or all <br /> <br />series of the Bonds; provided that the aggregate principal amount of the Notes shall not exceed <br /> <br />the principal amount authorized in paragraph 4 of this Ordinance, the term to maturity thereof <br /> <br />shall not exceed five years, and the "true" or "Canadian" interest cost of the Notes shall not <br /> <br /> <br />exceed five and one-half percent (5.5%) per annum (taking into account any original issue <br /> <br /> <br />discount or premium). The Notes shall be subject to such other terms and conditions contained <br /> <br /> <br />in this Ordinance to the extent not inconsistent with this paragraph 15. The Notes shall be <br /> <br /> <br />secured in the same manner as the Bonds authorized hereunder. The City may retire the Notes <br /> <br /> <br />either by issuing the Bonds authorized hereunder or by making a payment or payments from any <br /> <br />other lawfully available funds, provided that the maximum amount of the Bonds authorized <br /> <br />hereunder will be reduced by the amount of Notes retired by other lawfully available funds. If <br /> <br />the City issues Bonds to retire the Notes, the City shall issue the Bonds in accordance with the <br /> <br />terms of and subject to the parameters contained in this Ordinance. <br /> <br />-9- <br />