Minutes 05/22/2001 - Laserfiche WebLink

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May 22, 2001 Non-Arbitraqe Certificate and Tax Covenants. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to execute a Non- Arbitrage Certificate and Tax Covenants setting forth the expected use and investment of the proceeds of the Bonds and containing such covenants as may be necessary in order to comply with the provisions of the Code, including the provisions of Section 148 of the Code and applicable regulations relating to "arbitrage bonds." The City Council covenants on behalf of the City that all of such proceeds will be invested and expended as set forth in the City's Non-Arbitrage Certificate and Tax Covenants and that the City will comply with the other covenants and representations contained therein. Disclosure Documents. The Chief Financial Officer and the City Manager, or either of them, and such officers and agents of the City as either of them may designate are hereby authorized and directed to prepare, execute, if required, and deliver an appropriate preliminary official statement, official statement or such other offering or disclosure documents as may be necessary to expedite the sale of the Bonds. The preliminary official statement, official statement or other documents shall be published in such publications and distributed in such manner and at such times as the Chief Financial Officer shall determine. The Chief Financial Officer is authorized and directed to deem the preliminary official statement with respect to the Bonds "final" for purposes of Securities and Exchange Commission Rule 15c2-12. Continuin,q Disclosure. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to enter into a Continuing Disclosure Agreement for the benefit of the owners of the Bonds to assist the Underwriter for the Bonds in complying with the provisions of Section (b)(5) of Securities and Exchange Commission Rule 15c2-12. Further Actions. The City Manager and the Chief Financial Officer and such officers and agents of the City as either of them may designate are authorized and directed to take such further action and to execute and deliver such additional agreements, documents and certificates as they deem necessary regarding the Bonds and all actions taken by such officers and agents in connection with the Bonds are ratified and confirmed. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the Public Finance Act of 1991, Chapter 26, Title 15.2, 1950 Code of Virginia, as amended, (the "Act"), the City Council elects to issue the Bonds pursuant to the provisions of the Act. This Resolution shall take effect on the date of its adoption." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 01 -169 - Adoption of a resolution authorizing the City Manager to enter into a purchase contract with GEM Portsmouth Parking, L.L.C., for the Middle Street Garage. Recommendation: · Adoption of a resolution authorizing the City Manager to enter into a purchase contract with GEM Portsmouth Parking, L.L.C., for the Middle Street Garage. Purpose and Need: · On January 23, 2001, City Council approved the development of this project with Ellis Gibson Development Group doing business as GEM Parking, L.L.C. The scope of this project has changed from a City lease to City ownership. · The purchase contract with GEM Portsmouth parking, L.L.C., covers the total project cost to include development, design, construction and sale of the garage. The Middle Street Garage addresses the need for additional parking in the downtown area. · It is the City's intent to transfer ownership of the parking garage to the Portsmouth Parking Authority. Financial Impact: · The total contract cost is $7,000,000. This amount will be financed through the issuance of Parking Authority Bonds.