2019 Ordinances - Laserfiche WebLink

Home Browse Search

aUMNCE 2019.-66 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF REVENUE BONDS BY THE CITY OF PORTSMOUTH, VIRGINIA, AND ESTABLISHING THE TERMS, DETAILS, AND PROVISIONS FOR THE PAYMENT THEREOF (WATER AND SEWER SYSTEM REVENUE BONDS; TOTAL PRINCIPAL AMOUNT NOT TO EXCEED $36,800,000). WHEREAS, the City Council has determined that it is advisable to issue and sell water and sewer system revenue bonds of the City (the "New Money Bonds ") to (i) finance, with respect to the City's water and sewer sytem, certain costs of acquiring, constructing and equipping capital improvements for which bond proceeds have been appropriated pursuant to the City's Capital Improvement Program as City Council may amend it from time to time and (ii) pay the costs of issuing the Bonds (collectively, the "Project "); and WHEREAS, the City Council has determined that it is advisable to issue and sell water and sewer system revenue bonds of the City (the "Refunding Bonds" and together with the New Money Bonds, the "Bonds ") to finance the costs of refunding, redeeming and defeasing outstanding obligations of the City that financed projects with respect to the City's water and sewer sytem (the "Prior Obligations "); and WHEREAS, a public hearing on the issuance of the New Money 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 ( "Virginia Code "); and WHEREAS, the City has applied to the Virginia Resources Authority ( "VRA ") for the purchase of the Bonds, and VRA, subject to credit approval, has indicated its willingness to purchase such Bonds from the proceeds of one or more series of its Infrastructure and State Moral Obligation Revenue Bonds (Virginia Pooled Financing Program) (collectively, the "VRA Bonds "), in accordance with the terms of a Local Bond Sale and Financing Agreement (the "Financing i?oasaszi