2018 Resolutions - Laserfiche WebLink

Home Browse Search

This Bond 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, Title 15.2 of the Code of Virginia of 1950, as amended, and a resolution adopted by the Council of the City (the "Council ") on October 9, 2018 (the "Resolution "). The City is issuing the Bonds and using the proceeds of the sale thereof, along with other available City funds, to (i) finance the costs of the purchase of fire trucks and various service vehicles and items of equipment for the City and (ii) pay the costs of issuance of the Bonds. The full faith and credit of the City are irrevocably pledged for the payment of the principal of, premium, if any, and interest on this Bond in accordance with its terms. 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, [and interest] on the Bonds to the extent other funds of the City are not lawfully available and appropriated for such purpose. [Optional Redemption provisions may be included.] [This Bond is subject to mandatory sinking fund redemption [or deposits] in part, on I in the years and in the amounts set forth below:] Year Amount [Special Mandatory Redemption provisions for failure to spend all available project proceeds within three years may be included.] [Special Mandatory Redemption, additional interest charges and make -whole provisions may be included.] If this Bond or any portion thereof is called for redemption, the Bond Registrar shall send notice of the call for redemption by registered or certified mail not less than 30 days nor more than 60 days before the date fixed for redemption to the registered owner of this Bond to be redeemed at such owner's address as it appears on the registration books maintained by the Bond Registrar. Any notice of optional redemption of this Bond or any portion thereof may state that it is conditioned upon there being available on the date fixed for redemption an amount of money sufficient to pay the redemption price plus interest accrued and unpaid to the date fixed for redemption, and any conditional notice so given may be rescinded at any time before the payment of the redemption price if any such condition so specified is not satisfied. If a redemption does not occur after a conditional notice is given due to an insufficient amount of funds on deposit by the City, the corresponding notice of redemption shall be deemed to be revoked. A -2