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Aori128. ~'998
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<br />369
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<br /> borrow
<br />part
<br />enlarging and equipping any project.
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<br /> bonds to pay ail or any
<br />cting, reconstructing, improving, extending,
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<br /> (b) The term "project" is defined in the Act to mean any public
<br />improvement, property or undertaking for which the City is authorized by law to
<br />appropriate money, except for current expenses, and specific undertakings from
<br />which the City may derive revenues (sometimes called "revenue-producing
<br />undertakings") including, without limitation, certain facilities specified in the Act.
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<br /> (c) The term "cost", as applied to any project or to extensions or
<br />additions to any project, is defined in the Act to include, inter alia, the purchase
<br />price of any project acquired by the City, the cost of improvements, property or
<br />equipment, the cost of construction or reconstruction, the cost of all labor,
<br />materials, machinery and equipment, the cost of all land, property, rights,
<br />easements and franchises acquired, financing charges, interest before ahd
<br />during construction and for up to one year after completion of construction,
<br />start-up costs and operating capital, the cost of plans and specifications, surveys
<br />and estimates of cost and of revenues, the cost of engineering, legal and other
<br />professional services, expenses incident to determining the feasibility or
<br />practicality of the project, any amounts to'be deposited to reserve or replacement
<br />funds and other expenses as may be necessary or incident to the financing of the
<br />project.
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<br /> (d) The provision of public recreation facilities, including public golf
<br />courses, by the City is considered essential and necessary to the City.
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<br /> (e) The City has made a determination that the golf courses owned or
<br />owned and operated by the City shall constitute a "revenue-producing
<br />undertaking" of the City within the meaning of the Act and has created a golf
<br />course system enterprise fund to account for the revenues and expenses of its
<br />golf system.
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<br /> (f) The COuncil is authorized under the Act, in accordance with Article
<br />VII, Section 10 of the Constitution of Virginia, to issue bonds for any revenue-
<br />producing undertaking.
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<br /> The r " .....
<br /> (g) tem revenue bonds is defined n the Act to mean bonds of
<br />the Ci[~ for'Which only the specified revenues of the City are pledged and to
<br />which no ad valorem or other taxes of the City are pledged, including, without
<br />limitation bonds of the City for which the revenues of a revenue-producing
<br />undertaking or undertakings, or such revenues together with a mortgage ordeed
<br />of trust lien on the undertaking or undertakings, are pledged to their payment.
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<br /> (h) Under the provisions of the Act, the Council is authorized .to provide
<br />by resolution for the issuance, at one time or from time to time, of bonds of the
<br />City for the purposes set forth in and subject to the provisions of the Act, and
<br />any such resolution may contain provisions which shall be a part of the contract
<br />with owners of the bonds as to, interalia, the pledge of specified revenues of the
<br />locality, other than taxes, ad valorem or otherwise, including, without limitation,
<br />the pledge of the revenues of any revenue-producing undertaking or
<br />undertakings, to the payment of the principal of and premium, if any, and interest
<br />on bonds, and the securing of the payment of the principal of and premium, if
<br />any, and interest on bonds by an ordinance, resolution, trust agreement,
<br />indenture or other instrument, which may (i) appoint any trust company or bank
<br />having the powers of a trust company within or outside the Commonwealth as
<br />corporate trustee; (iiI set forth the rights and remedies of the bondholders and of
<br />the trustee; (iii) restrict the individual right of action by bondholders; and (iv)
<br />contain any other provisions as the governing body of the locality deems
<br />reasonable and proper for the security of the bondholders.
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<br /> (i) The City has determined to issue not to exceed $10,500,000
<br />principal amount of revenue bonds of the City to finance the costs of the Bide-A-
<br />Wee Project and the City Park Project (as defined in the Trust Indenture), such
<br />revenue bonds to be designated and known as the "City of Portsmouth, Virginia,
<br />Golf Course System Revenue Bonds, Series 1998" (the "Series 1998 Bonds").
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