Minutes 07/13/1999 - Laserfiche WebLink

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July 13, 1999 3. The City Manager, the Deputy City Manager for Finance and other City officials are authorized and directed to take all such actions as shall be contemplated by the Authorizing Ordinance and this resolution and as shall otherwise be required in connection with the issuance and delivery of the 1999 Notes. The Mayor, the Deputy City Manager for Finance and the City Clerk are authorized and directed to execute the 1999 Notes on behalf of the City by their manual or facsimile signatures (provided that at least one such signature is a manual signature) and to impress the 1999 Notes with the corporate seal of the City or cause a facsimile thereof to be affixed thereto. 4. The City Attorney of the City shall be and hereby is directed to file a copy of this resolution, certified by the City Clerk of the City to be a true copy thereof, with the Circuit Court of the City, in accordance with Section 15.2-2607 of the Code of Virginia, 1950. 5. This resolution shall take effect from the date of its adoption. EXHIBIT A UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF PORTSMOUTH GENERAL OBLIGATION PUBLIC UTILITY BOND ANTICIPATION NOTE REGISTERED REGISTERED No. R-1 $9,900,000 INTEREST MATURITY DATE OF RATE DATE NOTE % MARCH 31, 2000 AUGUST 15, 1999 REGISTERED OWNER: Federated Funds GroupNirginia Municipal Cash Trust PRINCIPAL SUM: Nine Million Nine Hundred Thousand Dollars The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to the Registered Owner (named above), or registered assigns, on the Maturity Date (specified above) unless this Note shall have been duly called for previous redemption and payment of the redemption price duly made or provided for, the Principal Sum (specified above) and to pay interest on such Principal Sum payable at maturity, at the Interest Rate (specified above) per annum, such interest to be calculated on the basis of a 365-day year and the actual days between the date hereof and the stated maturity hereof. The principal of and interest on this Note are payable on presentation and surrender hereof at the office of the Deputy City Manager for Finance of the City of Portsmouth, Virginia, as Registrar, in the City of Portsmouth, Virginia. The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for public and private debts. This Note is one of an issue of Notes aggregating Nine Million Nine Hundred Thousand Dollars ($9,900,000) in principal amount and issued in exchange for a like amount of outstanding general obligation public utility bond anticipation notes heretofore issued by the City for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the revenue-producing water and sewer system of the City, under and pursuant to and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, including Article VII, Section 10(a)(2) of the Constitution of Virginia, Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991), and the Charter and Code of the City, an ordinance and other proceedings of the Council of the City duly adopted and taken under the Public Finance Act of 1991 and such Charter and Code and an election of the qualified voters of the City duly held pursuant to the Public Finance Act of 1991 on November 8, 1994. This Note shall not be subject to redemption prior to its stated maturity. The full faith and credit of the City is hereby irrevocably pledged to the punctual payment of the principal of and interest on this Note as the same become due. In each