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April 28. t~998 365.
<br />
<br /> Motion by Mr. Martii~,
<br /> a~d~JS~6~onded by Mr. Robinett, to adopt the
<br />following resolution, and was adopted by the following vote:
<br />
<br /> "RESOLUTION AUTHORIZING THE ISSUANCE OF $3,720,000.00 OF
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA. FOR THE PURPOSE OF PROVIDING FUN DS TO PAY
<br />THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS OF AND FOR
<br />SUCH CITY; AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE
<br />ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL
<br />OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE
<br />ISSUANCE AND RECEIPT OF 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
<br />three million seven hundred twenty thousand dollars ($3,720,000.00) aggregate
<br />principal amount of general obligation public improvement bonds of the City to
<br />provide funds to pay the costs of various public improvement projects of and
<br />for the City and, in anfici pation of the issuance of such bonds, to authorize and
<br />provide for the issuance and sale of general obligation public improvement
<br />bond anticipation notes; and
<br />
<br /> WHEREAS, a public hearing has been held with respect to the adoption
<br />of this resolution on April 28, 1998, as required by and in accordance with
<br />Section 15.2-2606.A of the Code of Virginia, 1950;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia, that:
<br />
<br /> 1. Pursuant to Chapter 26 of Title 15.2 of the Code of Virginia, 1950
<br />(the same being the Public Finance Act of 1991), and the Charter of the City, for
<br />the purpose of providing funds to pay the costs of various public improvement
<br />projects of and for the City, there ars hereby authorized to be issued and sold
<br />three million seven hundred twenty thousand dollars ($3,720,000.00) aggregate
<br />principal amount of general obligation public improvement bonds of the City
<br />(the "Bonds"). As determined by resolution of the Council, or as determined
<br />by the Deputy CitY Manager for Finance of the City, which determination shall
<br />be approved or ratified by resolution of the Council adopted prior to or at the
<br />time of sale of the particular Bonds: the Bonds may be sold iq their entirety at
<br />one time, or in part from time to time, at any time and the Bonds of each issue
<br />shall be in such form, be of such denomination, be payable at such time or
<br />times not exceeding forty (40) years from their date, bear interest at a rate or
<br />rates not exceeding the maximum rate of interest authorized by law at the time
<br />of'the sale of such Bonds, be sold in such manner and have such other details
<br />as are deemed necessary or advisable. The City may sell all or part of the
<br />Bonds along or contemporaneously with any other general obligation bonds or
<br />with any general obligation bond anticipation notes of the City.
<br />
<br /> 2. The full faith and credit of the City shall be and hereby is
<br />irrevocably pledged to the payment of the principal of and premium, if any, and
<br />interest on the Bonds as the same become due. In each year while the Bonds,
<br />or any of them, are outstanding and unpaid, there shall be assessed, levied and
<br />collected, at the same time an d in the same manner as other taxes of the City
<br />are assessed, levied and collected, a tax upon all taxable prope[ty within the
<br />City, over and above all other taxes, authorized or limited by law and without
<br />limitation as to rate or amount, sufficient to pay when due the principal of and
<br />premium, if any, and interest on the Bonds to the extent other funds of the City
<br />are not lawfully available and appropriated for such purpose.
<br />
<br /> 3. The proceeds of sale of the Bonds shall be applied to the payment
<br />of the costs of the public improvement projects described below in
<br />substantially the amounts set forth opposite the descriptions of the respective
<br />projects:
<br />
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