2022 Ordinances - Laserfiche WebLink

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WHEREAS, the foregoing arrangements will be reflected in the Financin- Agreement, a form of which has been filed in the City's records. NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Portsmouth, Virginia: 1. Authorization of Bonds and Use of Proceeds. The City Council hereby determines that it is advisable and will benefit the inhabitants of the City through the promotion of their safety, health, welfare and prosperity to contract a debt and to issue and sell the Bonds and to award and sell the Bonds to or at the direction of VRA. The issuance and sale of the Bonds in one or more series from time to time in accordance with this Ordinance, the Indenture (as defined below), and the Financing Agreement are authorized. The proceeds from the sale of the New Money Bonds shall be used to finance the Project The proceeds from the sale of the Refunding Bonds shall be used to refund the Refunded Obligations and to pay the costs of issuing the Refunding Bonds. 2. Authorization of Financing Agreement. The form of the Financing Agreement on file with the City is hereby approved. The City Representative (as hereinafter defined) is hereby authorized and directed to execute the Financing Agreement in substantially such form, with such completions, omissions, insertions and changes not inconsistent with this Ordinance as may be approved by the City Representative, whose approval shall be evidenced conclusively by the execution and delivery thereof. 3. Designation of City Representative. For the purposes set forth in this Ordinance, the term "City Representative" means the City Manager and the Chief Financial Officer, either of whom may act. 4. Pledge of Revenues. The Bonds shall be limited obligations of the City as to which the principal of, premium, if any, and interest shall be payable solely from the net revenues (i.e. -3-