2024 Ordinances - Laserfiche WebLink

Home Browse Search

18. Filing of Ordinance. The appropriate officers or agents of the City are hereby authorized and directed to file or cause to be filed a certified copy of this Ordinance with the Circuit Court of the City of Portsmouth pursuant to Sections 15.2-2607 and 15.2-2627 of the Virginia Code. 19. Conflicting Ordinances, Resolutions, and Proceedings. Any provisions of ordinances, resolutions, and proceedings in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed. 20. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the Public Finance Act of 1991, Chapter 26, Title 15.2 of the Virginia Code (the "Act"), the City Council elects to issue the Bonds pursuant to the provisions of the Act. This Ordinance shall take effect on the date of its adoption and the authorization to issue Bonds shall remain in effect until June 30, 2025, except that the authorization to issue Bonds to retire any Notes issued pursuant to this Ordinance shall expire on June 30, 2029. 21. Revocation of Authority to Issue Authorized and Unissued Bonds. In years prior to 2024, the Council passed ordinances authorizing the issuance and sale of bonds of the City. To the extent that there remain bonds authorized and unissued under such ordinances, the authorization to issue and sell such bonds is hereby revoked. 22. Governing Law. The Bonds and any Notes issued pursuant to the authorizations granted in this Ordinance shall be governed in all respects including validity, interpretation and effect by, and shall be enforceable in accordance with, the laws of the Commonwealth of Virginia.