Minutes 11/25/1997 - Laserfiche WebLink

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November 25 _1997 UTILITY REFUNDING BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM ALL OR A PORTION OF THE OUTSTANDING CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC UTILITY BONDS, SERIES 1992, DATED JANUARY 1, 1992 AND MATURING ON AUGUST 1 IN EACH OF THE YEARS 2003 THROUGH 2012; AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED ELEVEN MILLION NINE HUNDRED THOUSAND DOLLARS ($11,900,000) PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, TAXABLE GENERAL OBLIGATION REFUNDING BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND AN EXISTING OBLIGATION OF THE CITY TO THE VIRGINIA RETIREMENT SYSTEM; FIXING THE FORMS, DENOMINATIONS AND OTHER FEATURES OF SUCH BONDS; APPROVING THE SALE OF SUCH BONDS TO CRAIGIE INCORPORATED, SCOTT & STRINGFELLOW, INC. AND WHEAT, FIRST SECURITIES, INC. AS UNDERWRITERS; AUTHORIZING THE CITY TO ENTER INTO PURCHASE CONTRACTS BY AND BETWEENTHE CITY AND SUCH UNDERWRITERSRELATING TO THE SALE OF SUCH BONDSAND AUTHORIZING THE CITY TO EXECUTE A.ND DELIVER SUCH PURCHASE CONTRACTS TO suCH UNDERWRITERS; DErEGATING TO THE CITY MANAGER OR THE DEPUTY CITY MANAGER FOR FINANCE AUTHORITY TO APPROVE CERTAIN DETAILS OF SUCH BONDS ANDTO TAKE OTHER ACTIONS WITH RESPECT TO THE ISSUANCE AND SALE OF SUCH BONDS; APPROVING AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENTAND A FINAL OFFICIAL STATEMENT RELATING TO SUCH BONDS; AUTHORIZING THE CITY.TO EXECUTE AND DELIVER A CONTINUING DIscLOSURE CERTIFICATE OF SUCH CITY RELATING TO sUCH BONDS; AUTHORIZING THE CITY MANAGER OR THE DEPUTY CITY MANAGER FOR FINANCE TO. APPOINT AN ESCROW AGENT FOR THE CITY WITH RESPECT TO THE BONDS T° BEREFUNDED FROM THE PROCEEDS OF SUCH REFUNDING BONDS ~ A'UT~H 0 RIZ N G THECITY TO~ . ENTER INTO ESCROW, ~ DEPOSIT AGREE~IEH~S BY'~AND BETW~_E~N THE CITY AND SUCH ESCROW AGENT RELATING ~)~yHE REFUNDED BONDS AND TO EXECUTE AND DELIVER SUCH ESCROW DE ~,GREEMENTS TO SUCH ESCROW AGENT; DESIGNATING THE I ; ISSUANCE, ;IN VIRGINIA, MILLION FOR?Y~-~IVE THOUSAND AMOUNT OF PREvIOUsly ~PPROVED AND PUBLIC IMPROVEMENT'BOND By THE COUNCIL OF THE CITY OF pORTSMOUTH, "Council" determines Findings and Determinations. _The Council (the Portsmouth, Virginia (the "City") hereby finds and a)(i) In the judgment of the Council, it is necessary and expedient Jance and sale of Twenty-Two Million Forty-Five Thousand Dollars ,000) aggregate principal amount of City of Portsmouth, Virginia General (the "Public Improvement of Title 15.1 of the Code of Virginia, 1950 (the "Virginia 1997 as Chapter 26 of Title 15.2 of the Vi, the Public Finance Act of 1991), for the purpose ~ndsto pay the costs of various public improvement projech including the costs of issuing the Public Improvement Bonds, and, in:anticipation of the issuance of the Public Improvement Bonds, to authorize and provide for the issuance and sale of general obligation public improvement bond anticipation notes.