Minutes 04/23/1996 - Laserfiche WebLink

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-50 April 23, 1996 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold Four Million One Hundred Thousand Dollars {$4,100,000) 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 of the City are hereby authorized to approve the sale of the~Notes as provided herein; provided that (i) in 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 premium 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 cf the maturity permitted under Section I5.1-227.29 of the Code of Virginia, 1950. The City may sell all or part of the Notes alone or contemporaneously with any other genera~ obligation notes or wit~ any general obligation bonds of ~he Clty. There may be prepared and distributed a preliminary and a final Official Statement relating to any Notes i~ such form as shall be approvedby the Deputy City Manager for Fin&nce of the City. The issuance and details of such Notes-sh~ll be governed by the provisions of Section 15.1-227.29, of Title 15.1, Chapter 5.1, Article 2 of the Code of Virgi~ia~ 1950, and Article I of Chapter 12 of the Code of the C~ty. Each Note issued hereunder shall be accompanied by a dertificate of the City Manager and the Deputy City Manager.~or Finance of the City in the form prescribed in Section 12~16 of the Code of the City. The provisions of Paragraph 2 ~ereof 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 resOluti6n ~ot later than five years from the date of the original is~u~ Of the first Notes. 5. That the City Attorney of the City shall file a copy of this resolution, certified by the City Clerk of the City to be a true copy thereof, with the Circuit Court of the City of Portsmouth, Virginia, in accordance with Section 15.1-227.9 of the Code of Virginia, 1950. 6. That this resolution shall take effect on the date of its adoption." Ayes: Griffin, Hawks, Martin, Pitts, Robinett, Webb Nays: None - NEW BUSINESS 96-162 Boards and Commissions There were no appointments.