Laserfiche WebLink
ORDINANCE NO. 2024-50 <br />AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF <br />PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION BONDS, TO INCLUDE NEW <br />MONEY BONDS IN AN ORIGINAL PRINCIPAL AMOUNT OF NOT TO EXCEED <br />$46,500,000 AND REFUNDING BONDS. <br />WHEREAS, the Council (the "City Council") of the City of Portsmouth, Virginia (the <br />"City") has determined that it is advisable to issue and sell general obligation bonds of the City <br />(the "New Money Bonds") to finance the costs of the City's Capital Improvement Program as City <br />Council may amend it from time to time, the costs of acquiring the Hampton Roads Regional Jail, <br />and to pay the costs of issuing the Bonds (the "New Money Project"); and <br />WHEREAS, the City Council has determined that it is advisable to issue and sell general <br />obligation bonds of the City (the "Refunding Bonds") to finance the costs of refunding, redeeming <br />and defeasing outstanding obligations of the City (the "Prior Obligations"); and <br />WHEREAS, a public hearing on the issuance of the New Money Bonds has been held <br />after notice was published in accordance with the requirements of Section 15.2-2606 of the Code <br />of Virginia of 1950, as amended ("Virginia Code") <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br />1. Authorization of Bonds and Use of Proceeds. The City Council hereby determines <br />that it is advisable and will benefit the inhabitants of the City through the promotion of their safety, <br />health, welfare and prosperity to contract a debt and to issue and sell the New Money Bonds and <br />the Refunding Bonds (collectively, the "Bonds"). The issuance and sale of the Bonds in one or <br />more series from time to time in accordance with this Ordinance are authorized. The proceeds <br />from the sale of the New Money Bonds shall be used to finance the New Money Project. The <br />