Minutes 11/10/1998 - Laserfiche WebLink

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November 10 ~ ~9 be filed with the minuteSiof the me6ting at which this resolution is being adopted and the te~msi conditions ,and provisions thereof, including in ~ particu~r the provisions of Section 3,6 thereof(Pledge of Moral Obligation) under which the City pledges to the Authority the City's moral obligation, subject to the terms set forth therein, to deliver to the Authority sufficient funds for the Authority to make timely payment of the principal of (whether due at maturity or by virtue of optional redemption with the consent of the City or mandatory redemption), premium, if any, and interest on the Bonds, to the replenishment of any reserve funds established in connection therewith and to the payment of all other amounts required to be paid by the Authority under the documents relating to the Bonds, are hereby approved and the City Manager or any Deputy City Manager of the City is authorized and directed to execute and deliver to the Authority a Cooperation Agreement in such form, together with such changes as shall be made by the City Manager or Deputy City Manager executing the same upon advice of counsel (including the City Attorney or Bond Counsel), such changes to be conclusively evidenced by such officer's execution and delivery thereof. SECTION C. Authorization of Execution and Deliver_ of Continuing Disclosure Certificate or Agreement.. To the extent the City shall be treated as an ',obligated person" with respect to the Bonds to be issued by the Authority to finance the costs of the Project within the meaning of Rule 15c2-12 ("Rule 15c2-12") promulgated I~y the Securities and Exchange Commission under the Securities Exchange Actor 1934, the City Manager or any Deputy City Manager of the City is authorized and directed to execute and deliver to the AuthOrity or to the trustee for the Bonds a Continuing Disclosure Certificate or Agreement with respect to the information relating to the City included or incorporated by reference in the Preliminary Official Statement and the final Official Statement of the Authority relating to the Bonds. The City Manager or any Deputy City Manager of the City is further authorized and directed to deliver to the Authority or to the underwriters or initial purchasers of the Bonds a certificate deeming the Preliminary Official Statement final for purposes of Rule 15c2-12. SECTION 1. Effectiveness of Resolution. This resolution shall take effect upon its adoption." Ayes: Benn, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None Motion byMr. Rob nett, and seconded by Mr. Moody, to adopt the following resOlutiOn, and was adopted by the following vote: "RESOLUTION AUTHORIZING THE CITY MANAGER TO PLEDGE, LEASE OR CONVEY THE CITY HALL, THE CIVIC CENTER AND ADJACENT PARKING FACILITIES OF THE CITY OF PORTSMOUTH TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, AND TO LEASE BACK THESE PROPERTIES FROM THE AUTHORITY SUBJECT TO SUCH SECURITY INTEREST AS MAY BE REQUIRED IN CONNECTION WITH FINANCING FOR THE HOTEL AND CONFERENCE CENTER PROJECT. BE IT RESOLVED that the City Manager be, and he hereby is, authorized to pledge, lease or convey unto the Industrial Development Authority of the City of Portsmouth, "the Authority,', the following properties and facilities of the City of Portsmouth, to-wit: the City Hall, the Civic Center, the Civic Center Parking Lot located east of Water Street, the Central Parking Garage located beneath City Hall and the South Parking Garage which abuts and is attached to City Hall on its southern side, along with all rights, easements and appurtenances thereunto belonging.