Minutes 05/06/1997 - Laserfiche WebLink

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:1:22 May 6. 1997 2. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due. In each year while the Bonds,'or any of them, are outstanding and unpaid, there shall be assessed, levied and collected; upon all property within the CitY subject to taxation by the City a tax, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal of and premium, if'any, and interest on the Bonds to the extent o~her funds of the City are not lawfully available and appropriated for such purpose. 3. The proceeds of sale of the Bonds shall be applied to the payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descriptions of the respective projects: Purpose Amount Drainage and Street Improvements Education Industrial and Economic Development Leisure Services Public Safety Municipal Facilities $1,425,000 100.000 558,000 1,877,000 90,000 1,570,000 $5,620,000 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 antidpation of the issuance of the Bonds and the receipt' of the proceeds thereof, there are hereby authorized to be issued and sold Five Million Six Hundred Twenty Thousand Dollars ($5,620,000) aggregate principal amount of general obligation public improvement bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied 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 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 on such 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 for Finance are hereby authorized to approve the sale of the Notes as provided herein; provided that (i) tn 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 prem,um 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 15.1- 227.29 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 the provisions of Section 15.1-227.29 of Title 15.1, Article 2 of the Code of Virginia, 1950, and Article t of Chapter 12 of the Code of the City. Each Note issued hereunder shall be accompanied by a certificate of the City Manager and the Deputy City Manager for Finance of the City in the form prescribed in Section 12-16 of the Code of the City. The provisions of Paragraph 2 hereof shall apply to the Notes to the extent that same are not paid from the proceeds of the Bonds or from any other available funds. Bonds in anticipation of which the Notes are issued must be issued and sold in accordance with this resolution not later than five years from the date of the original issue of the first Notes.