2018 Resolutions - Laserfiche WebLink

Home Browse Search

R -18 -23 A RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $10,900,000 IN CITY OF PORTSMOUTH, VIRGINIA GENERAL OBLIGATION BONDS AND SETTING FORTH THE FORM, DETAILS AND PROVISIONS FOR THE PAYMENT THEREOF. WHEREAS, the City Council (the "Council ") of the City of Portsmouth, Virginia (the "City "), has determined that it is necessary to finance the costs of the purchase of fire trucks and various service vehicles and items of equipment for the City (the "Projects "), and that it is necessary and expedient to borrow up to $10,900,000 and to issue general obligation bonds of the City (the "Bonds ") and use the net proceeds thereof to pay the costs of the Projects and the costs of issuing the Bonds; and WHEREAS, a public hearing on the general obligation 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 RESOLVED by the City Council of the City of Portsmouth, Virginia: 1. That the Council hereby determines that it is advisable to contract a debt and to issue the Bonds in an original aggregate principal amount not to exceed $10,900,000. The issuance of the Bonds in one or more series from time to time in accordance with the terms of this resolution is authorized. Each series of the Bonds shall be styled "City of Portsmouth, Virginia, General Obligation Bonds," with an appropriate series designation. The proceeds from the issuance of the Bonds shall be used to pay costs of the Projects and to pay the costs of issuance of the Bonds. 2. That the full faith and credit of the City are irrevocably pledged for the payment of principal and premium, if any, on the Bonds. The Council is authorized to and shall levy and collect annually, at the same time and in the same manner as other taxes of the City are assessed, levied and collected, 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 premium, if any, on the Bonds to the extent other funds of the City are not lawfully available and appropriated for such purpose. 3. That the Bonds shall be dated such date as shall be determined by the City Manager, shall be issued in fully registered form in denominations of $5,000 each or whole multiples thereof (except for a single denomination of less than $5,000), and may be issued at one time or from time to time in a single or multiple series (with appropriate series designations). The Bonds of any series shall be numbered from R -1 upward consecutively. The Bonds shall be issued in such principal amount, and shall, if applicable, bear interest at such rate or rates, as shall be determined by the City Manager, and shall mature in such amounts and on such dates as may be determined by the City Manager; provided that (1) the original aggregate principal amount of the Bonds shall not exceed $10,900,000, (ii) the interest rate of any series of the Bonds shall not exceed three and one - hundredth percent (3.01 %) per annum, and (iii) the final maturity of any series of Bonds shall not exceed a maximum term of 10 years. 4. That the Bonds shall be in substantially the form filed with the City's official records, with such appropriate variations, omissions and insertions as are permitted or required by this resolution. There may be endorsed on the Bonds such legend or text as may be necessary or