Minutes 11/13/2001 - Laserfiche WebLink

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November 13, 2001 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Note and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell the Note and the issuance and sale of the Note in the maximum principal amount of $7,500,000 are hereby authorized. The proceeds from the issuance and sale of the Note shall be used to pay the costs, in whole or in part, of acquisition of the Project. 2. Pled.qe of Full Faith and Credit; Payment of Note. The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Note as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, premium, if any, and interest on the Note as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. It is anticipated that the principal of the Note will be paid at or prior to maturity from moneys available to the City from permanent financing for the Project. 3. Details and Sale of Note. The Note shall be issued upon the terms established pursuant to this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. The Note shall be issued in fully registered form, shall be dated the date of issuance and delivery (or such other date as the Chief Financial Officer may approve) and shall be in the form of a single note in the denomination equal to its principal amount or, if approved by the Chief Financial Officer, in minimum denominations of $100,000. The Note shall be issued upon such other terms as may be approved by the Chief Financial Officer, including, but not limited to, the aggregate principal amount of the Note, the prepayment provisions, the sale price and interest rate on the Note, provided that the maturity of the Note shall be not more than approximately one year from its date, the principal amount shall not exceed the amount set forth in paragraph one and the interest rate on the Note shall not exceed 4.5%. The City Manager and the Chief Financial Officer, or either of them, are authorized to accept the proposal for the purchase of the Note which such officer or officers determine to be most advantageous to the City and all such action previously taken by such officers is approved, ratified and confirmed. 4. Form of Note. The Note shall be in substantially the form attached to this Resolution as Exhibit A, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution. There may be endorsed on the Note such legend or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. 5. Appointment of Note Reqistrar and Paying Agent. The Chief Financial Officer is appointed as Note Registrar and Paying Agent for the Note. The City Council may appoint a subsequent registrar and/or one or more paying agents for the Note by subsequent resolution and upon giving written notice to the owners of the Note specifying the name and location of the principal office of any such registrar or paying agent. 6. Execution of Note. The Mayor and the City Manager, or either of them, are authorized and directed to execute and deliver an appropriate Note or Notes and the Clerk is authorized to affix the seal of the City thereto and to attest the same. The manner of execution and affixation of the seal may be by facsimile, provided, however, that if all of the signatures are by facsimile, the Notes shall not be valid until signed at the foot thereof by the manual signature of the Note Registrar. 7. Registration, Transfer and Exchange. Upon surrender for transfer or exchange of the Note at the principal office of the Note Registrar, the City shall execute and deliver and the Note Registrar shall authenticate in the name of the transferee a new Note or Notes of an authorized denomination in an aggregate principal amount equal to the Note surrendered and of the same form and maturity and bearing interest at the same rate as the Note surrendered, subject in each case to such reasonable regulations as the City and the Note Registrar may prescribe.