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May 22, 2001
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<br />Financial Impact:
<br />
<br />· The refunding will not occur unless there are present value or cash flow savings.
<br />Any refunding savings would reduce the future amount of debt service and will be
<br />recurring savings. Any restructuring savings would reduce future debt service and
<br />would be non-recurring savings.
<br />
<br /> Motion by Mr. Pitts, and seconded by Mr. Robinett, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />"A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA
<br />AUTHORIZING THE ISSUANCE AND SALE IN THE MAXIMUM PRINCIPAL
<br />AMOUNT NOT TO EXCEED $20,000,000 OF CITY OF PORTSMOUTH, VIRGINIA
<br />GENERAL OBLIGATION REFUNDING BONDS, SERIES 2001; APPROVING THE
<br />FORM AND OTHER DETAILS OF SUCH BONDS; AUTHORIZING THE CITY
<br />MANAGER AND THE CHIEF FINANCIAL OFFICER TO TAKE ALL ACTIONS AS
<br />SHALL BE REQUIRED IN CONNECTION WITH THE ISSUANCE, SALE AND
<br />DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY MANAGER TO EXECUTE
<br />SUCH BONDS; AND OTHERWISE PROVIDING DETAILS WITH RESPECT TO THE
<br />ISSUANCE OF SUCH BONDS.
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia (the "City") has
<br />determined that it is advisable to issue and sell general obligation refunding bonds of
<br />the City to refund all or a portion of the outstanding balance of the City's (i) $45,000,000
<br />General Obligation Bonds, consisting of $35,000,000 General Obligation Public
<br />Improvement Bonds, Series 1991 and $10,000,000 General Obligation Public Utility
<br />Bonds, Series 1991; (ii) $30,650,000 General Obligation Bonds, consisting of
<br />$23,035,000 General Obligation Public Improvement Bonds, Series 1992 and
<br />$7,615,000 General Obligation Public Utility Bonds, Series 1992; (iii) $20,595,000
<br />General Obligation Bonds, consisting of $9,965,000 Public Improvement Refunding
<br />Bonds, Series 1992 and $4,830,000 Public Utility Refunding Bonds, Series 1992; (iv)
<br />$57,905,000 General Obligation Bonds, consisting of $36,620,000 General Obligation
<br />Public Improvement Refunding Bonds, Series 1993 and $21,285,000 General
<br />Obligation Public Utility Refunding Bonds, Series 1993; (v) $53,000,000 General
<br />Obligation Bonds, consisting of $40,000,000 General Obligation Public Improvement
<br />Bonds, Series 1996 and $13,000,000 General Obligation Public Utility Bonds, Series
<br />1996; and (vi) $49,145,000 General Obligation Bonds, consisting of $34,640,000
<br />General Obligation Public Improvement and Refunding Bonds, Series 1997A and
<br />$4,200,000 General Obligation Public Utility Refunding Bonds, Series 1997B.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA:
<br />
<br /> Authorization of Bonds and Use of Proceeds. The City Council hereby
<br />determines that it is advisable to contract a debt and to issue and sell general obligation
<br />refunding bonds of the City in the maximum principal amount not to exceed
<br />$20,000,000 (the "Bonds"). The issuance and sale of the Bonds are hereby authorized.
<br />The proceeds from the issuance and sale of the Bonds shall be used to refund all or a
<br />portion of the Prior Bonds in the discretion of the Chief Financial Officer as set forth in
<br />paragraph 11 hereof and to pay the costs of issuing the Bonds.
<br />
<br /> Pled.qe of Full Faith and Credit. The full faith and credit of the City are hereby
<br />irrevocably pledged for the payment of the principal of, premium, if any, and interest on
<br />the Bonds as the same become due and payable. The City Council shall levy an annual
<br />ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay
<br />the principal of, premium, if any, and interest on the Bonds as the same shall become
<br />due for payment unless other funds are lawfully available and appropriated for the
<br />timely payment thereof.
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