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April 27, 1999
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<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia that the aforesaid Capital Improvement Plan for the years 1999-00
<br />through 2003-04, and the one year Capital Improvement Program for 1999-00 are
<br />approved."
<br />
<br />99-103(B):
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<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $5,200,000.00 OF GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF
<br />VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR SUCH CITY; AND
<br />AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE
<br />OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND
<br />ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF
<br />THE PROCEEDS OF SALE OF SUCH BONDS.
<br />
<br /> WHEREAS, in the judgment of the Council (the "Council") of the City of
<br />Portsmouth, Virginia (the "City"), it is desirable to authorize the issuance of five million
<br />two hundred thousand dollars ($5,200,000.00) aggregate principal amount of general
<br />obligation public improvement bonds of the City to provide funds to pay the costs of
<br />various public improvement projects of and for the City and, in anticipation of the
<br />issuance of such bonds, to authorize and provide for the issuance and sale of general
<br />obligation public improvement bond anticipation notes; and
<br />
<br /> WHEREAS, a public hearing has been held with respect to the adoption of this
<br />resolution on April 27, 1999, as required by and in accordance with Section 15.2-2606.A
<br />of the Code of Virginia, 1950;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia, that:
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<br /> 1. Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950 (the
<br />same being the Public Finance Act of 1991 ), and the Charter of the City, for the purpose
<br />of providing funds to pay the costs of various public improvement projects of and for the
<br />City, there are hereby authorized to be issued and sold five million two hundred
<br />thousand dollars ($5,200,000.00) aggregate principal amount of general obligation
<br />public improvement bonds of the City (the "Bonds"). As determined by resolution of the
<br />Council, or as determined by the Deputy City Manager for Finance of the City, which
<br />determination shall be approved or ratified by resolution of the Council adopted prior to
<br />or at the time of sale of the particular Bonds: the Bonds may be sold in their entirety at
<br />one time, or in part from time to time, at any time and the Bonds of each issue shall be
<br />in such form, be of such denomination, be payable at such time or times not exceeding
<br />forty (40) years from their date, bear interest at a rate or rates not exceeding the
<br />maximum rate of interest authorized by law at the time of the sale of such Bonds, be
<br />sold in such manner and have such other details as are deemed necessary or
<br />advisable. The City may sell all or part of the Bonds along or contemporaneously with
<br />any other general obligation bonds or with any general obligation bond anticipation
<br />notes of the City.
<br />
<br /> 2. The full faith and credit of the City shall be and hereby is irrevocably
<br />pledged to the payment of the principal of and premium, if any, and interest on the
<br />Bonds as the same become due. In each year while the Bonds, or any of them, are
<br />outstanding and unpaid, there shall be assessed, levied and collected, at the same time
<br />and in the same manner as other taxes of the City are assessed, levied and collected, a
<br />tax upon all taxable property within the City, over and above all other taxes, authorized
<br />or limited by law and without limitation as to rate or amount, sufficient to pay when due
<br />the principal of and premium, if any, and interest on the Bonds to the extent other funds
<br />of the City are not lawfully available and appropriated for such purpose.
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<br /> 3. The proceeds of sale of the Bonds shall be applied to the payment of the
<br />costs of the public improvement projects described below in substantially the amounts
<br />set forth opposite the descriptions of the respective projects:
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