|
AuguSt 11~ 1998 ~35
<br /> City and autho~izin~ ~.... ' ~:~':~
<br />The
<br /> issuabce of a like principal amount of. City of
<br />PortsmOuth, Virginia, O0neral Obligati°n Public Utility Bond AntiCipation
<br />Notes in anticipation of the issuance of such Bonds (the "Authorizing
<br />Ordinance"); and
<br />
<br /> WHEREAS, in accordance with the provisions of Article VII, Section
<br />10(a)(2) of the Constitution of Virginia, 1971, the Authorizing Ordinance was
<br />approved by the majority of the qualified voter of the City voting upon the
<br />question of their issuance at an election held on November 8, 1994; and
<br />
<br /> WHEREAS, of the $22,900,000 principal amount of City of Portsmouth,
<br />Virginia, General Obligation Public Utility Bonds authorized for issuance
<br />under the Authorizing Ordinance, $13,000,000 principal amount of such
<br />Bonds, dated January 1, 1996 and bearing the series designation "Series
<br />1996", were issued on February 13, 1996, and $9,900,000 principal amount of
<br />the City of Portsmouth, Virginia, General Obligation Public Utility Bonds
<br />authorized for issuance under the Authorizing Ordinance are authorized but
<br />unissued as of the date hereof; and
<br />
<br /> WHEREAS, Section 2 of the Authorizing Ordinance authorizes the City
<br />to issue and sell general obligation public utility bond anticipation notes of
<br />the City in an aggregate principal amount equal to the principal amount of the
<br />Bonds authorized for issuance thereunder, the sale of any such general
<br />obligation public utility bond anticipation notes and the form and other details
<br />thereof to be approved, ratified and confirmed by the Council; and
<br />
<br /> WHEREAS, the City has determined to issue and sell $9,900,000
<br />principal amount of the general obligation public utility bond anticipation
<br />notes authorized for issuance by the Authorizing Ordinance in anticipation of
<br />the issuance of the Bonds authorized for issuance thereunder and has
<br />requested the Council to approve the sale of such general obligation public
<br />utility bond anticipation notes and the form and other details thereof;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA:
<br />
<br /> A. In accordance with and pursuant to Section 2 of the Authorizing
<br />Ordinance, the Council hereby accepts the proposal of Crestar Securities
<br />Corporation to purchase and approves the sale to Crestar Securities
<br />Corporation of $9,900,000 principal amount of City of Portsmouth, Virginia~
<br />General Obligation Public Utility Bond Anticipation Notes (the "Notes") at a
<br />purchase price equal to the principal amount of the Notes. The Notes shall be
<br />dated August 12, 1998, shall mature on August 15, 1999, shall be subject to
<br />redemption at the option of the City prior to their stated maturity on or after
<br />March 1, 1999, in whole at any time, at a redemption price equal to the
<br />principal amount thereof and shall bear interest payable at maturity at the rate
<br />of three and Seventy-eight hundredths per centum (3.78%) per annum, such
<br />interest to be calculated on the basis of a 365-day year and the actual number
<br />of days between the date of the Notes and the stated maturity date thereof.
<br />The Notes shall be numbered from No. R-I upwards in order of issuance,
<br />shall be of the denomination of $1,000,000 each or any integral multiple
<br />thereof (except that one Note may be issued in the denomination of $900,000)
<br />and shall be in fully registered form. The form of the Notes attached to this
<br />resolution as Exhibit A is hereby approved, ratified and confirmed by the
<br />Council.
<br />
<br /> B. The City covenants that it shall comply with the provisions of
<br />Sections 103 and 141-150 of the Internal Revenue Code of 1986, and the
<br />Treasury Regulations promulgated or proposed to be promulgated
<br />thereunder, applicable to the Notes, throughout the term of the I~ otes.
<br />
<br /> C. The City Manager, the Deputy City Manager for Finance and other City
<br />officials are authorized and directed to take all such actions as shall be contemplated
<br />by the Authorizing Ordinance and this resolution and as shall otherwise be required
<br />in
<br />
<br />
<br />
|