Minutes 11/25/1997 - Laserfiche WebLink

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264. November 25. 1997 SECTION 16. Ratification of Actions. The actions of the City Manager, the Deputy City Manager for Finance and other officials, employees, agents and attorneys of the City in negotiating the sale of the Bonds, and all actions and proceedings heretofore taken by the Council, the City Manager, the Deputy City Manager for Finance and other officials, employees, agents and attorneys of the City in connection with the authorization, issuance and sale of the Bonds (including the preparation and distribution of the Preliminary Official Statement relating to the Bonds} are hereby ratified, confirmed and approved. SECTION 17. Authorization of Issuance of Notes. In anticipation of the issuance of the Public Improvement Bonds authorized under Section 2(a) and the recei pt of the proceeds thereof, there are hereby authorized to be issued and sold Twenty-Two Million Forty-Five Thousand Dollars ($22,045~000) aggregate principal amount of general obligation public improvement bond anticipation notes of the City (the'~Notes"). 'The proceeds of the Notes shall be applied to the same purposes as are specified in Section 7 with respect to the application of the proceeds of the Public Improvement 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 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 an on such other terms and conditions as shall be determined by the City Manager and the Deputy City Manager for Finance ofthe~City. The City Manager and the Deputy City Manager for Finance Of the City are hereby authorized to approve the sale of the Notes, WithoutfUrther actiOn by the Council, as provided herein;~provided that (I) in no event shall the state rate of interest for any Note be in excess of ten per centum (10%) petannum; (ii) in no event shall any redemption premium payable upon the redemption .o.,f, rany Note exceed three percent (3%) of the pri. ncipal amount thereof;;and (ill) in no event shall the maturity of any Note bein excess of the matdritvr pertnitted under the Public Finance Act of 1991. The City may sell all or part 0f'tl~ NOtes alohe Or contemporaneously with any other general obligatidn notes O~with an~/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 Cityr Manager for Financeofthe City.~ The issuance and details of such Notes shall be governed by the prbvisions ofthe Public Ffnance Act of 1991, and Article I of Chapter 12 of the Cede bf'the City~ .E..ach~ Note issued hereunder shall be accompanied, by a certificate of the,City Manager.and the Deputy City Manager for!:Finance of the City ili the form prescribed in Section 12-16 of the Code of the City. The provisions of~Secti~on 3(a) shall apply to the Notes to the extent that same are not paid frOm thetl~roc~ds:of the Public Improvement Bonds or'from any other available funds. The Public Improvement Bonds in antici pafion: ofwhich the Notes are issued must be issued and sold in accordance with this resolution not later than f'w~ years from~the date of the original issue of the first Notes. SECTION 17. Rescission of A_D_Droved and UnissuedGeneral Obligation Public Improvement Bond Authorizations. The Public Improvement Bonds authorized under Section 2(a) are in lieu of and in substitution for the authorized and unissued general obligation public improvement bonds heretofore authorized in resolutions adopted by the Council (a)'~on November 28, 1995 authorizing $52,325,000 principal amount of General Obligation Public improvement Bonds of. the City, (b) on April 23, 1996 authorizing $4,100,000 principal amount of General Obligation Public Improvement Bonds of the City, and [c) on April 22, 1997 authorizing $5,620,000 principal amount of General Obligation Public Improvement Bonds of the City, and the authorizations provided in such resolutions shall not be or be deemed to be in addition to the Bonds authorized hereby, and such resolutions are hereby rescinded and repealed; provided that no provision of the resolution adopted by the Council on November 28, 1995 shall be rescinded or repealed to the extent such rescission or repeal would impair the authorization and security for the City's $40,000,000 principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement Bonds, Series 1996, dated January 1, 1996 and maturing on August I in each of the years 1997 through 2014 and on August 1, 2016.