Minutes 04/23/1996 - Laserfiche WebLink

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April 23, 1996 WHEREAS, a public hearing has been held with respect to the adoption of this resolution on April 23, 1996, as required by and an accordance with Section 15.1-227.8.A of the Code of Virginia, 1950; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991), and the Charter of the City, for the purpose of providing funds to pay the costs of various public improvement projects of and for the City, 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 bonds of the City (the "Bonds"). As determined by resolution of the Council, or as determined by the Deputy City Manager for Finance of the City, which determination shall be approved or ratified by resolution of the Council adopted prior to or at the time of sale of the particular Bonds: the Bonds may be sold in their entirety at one time, or in part from time to time, at any time and the Bonds of each issue shall be in such form, be of such denomination, be payable at such time or times not exceeding forty (40) years from their date, bear interest at a rate or rates not exceeding the maxmmum rate of interest authorized by law at the time of the sale of such Bonds, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or part of the Bonds along or contemporaneously with any other general obligation bonds or with any general obligation bond anticipation notes of the City. 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 other 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 payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descriptions of the respective pro]ects: the PurDose Amount Drainage and Street Improvements Education Industrial and Economic Development Leisure Services Public Safety Municipal Facilities $ 867,000 100,000 1,793,227 300,000 300,000 739,773 ~ 4,100,000 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.