Minutes 04/28/1998 - Laserfiche WebLink

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April 28. 1998 Purpose Amount Drainage and Street Improvements Education Industrial and Economic Development Leisure Services Municipal Facilities $1,001,000.00 100,000.00 447,000.00 52,000.00 2,120.000.00 Total $3,720,000.00 provided that if any such project shall require less than the entire respective amount set forth above, the difference may be applied to pay the cost of any other project so set forth, 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold three million seven hundred twenty thousand dollars ($3,720,000.00) aggregate principal amount of general obligation public improvement bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for the same purpose as is specified in Paragraph 1 with respect to the application of the proceeds of the Bonds. The Notes may be iSsued in their entirety at one time, or in part from time to time, at any time; shall mature and be payable within five (5) years from their date; and shall be sold at competitive or negotiated sale at not less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof and payment therefor and onsuch other terms and conditions as shall be determined by the City Manager and the Deputy City Manager for Finance of the City. The City Manager and the Deputy City Manager of the City are hereby authorized to approve the sale of the Notes as provided herein; provided that (i) in no event shall the stated rate of interest for any Note be' in excess of ten per centum (10%) per annum; (ii) in no event shall any redemption premium payable upon the redemption of any Note exceed three percent (3%) of the principal amount thereof; and (iii) in no event shall the maturity of any Note be in excess of the maturity permitted under Section 15.2-2628 of the Code of Virginia, 1950. The City may sell all or part of the Notes alone or contemporaneously with any other general obligation notes or with any general obligation bonds of the City. There may be prepared and distributed a preliminary and a final Official Statement relating to any Notes in such form as shall be approved by the Deputy City Manager for Finance of the City. The issuance and details of such Notes shall be governed by th.e provisions of Section 15.2-2628 of Title 15.2, Chapter 26, Article 2 of the Code. of Virginia, 1950, and Article I 0f Chapter~ 12 of the Code of the City. Each Note ~ssued hereunder shall b~ accompanied by a certificate of the City Manager a.nd 'the Deputy City Manager for .Einanc;e of the='City in the form prescribed in Section 12-16 ~of the Code of the~ City. The nr0visions of Paragraph 2 shall apply to the Notes to the extent that same are not paid from the proceedsof the Bonds or from any other available funds. Bonds in anticipation of which the Notes are issued must be issued andsOld in accordance with this resolution not later than five (5) years from the date of the original issue of the first Notes. 5. The City Attorney of the City shall 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 of Portsmouth, Virginia, in accordance with Section ~5.2-2607 of the Code of Virginia, 1950." Ayes: Benn,-Clemons, Griffin, Martin, Pitts, Robinett, Holley Nays: None Motion by Mr. Pitts, and seconded by Mr; Martin, to adopt the following ordinance, and was adopted by the following vote: