Minutes 04/09/1996 - Laserfiche WebLink

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April 9t 1996 W~EREAS, the Council (the "Council") of the City of Portsmouth, Virginia (the "City"), on March 12, 1996 adopted a resolution authorizing the City to submit an application to the State Council on Local Debt for approval pursuant to Section 15.1-227.46 of the Code of Virginia, 1950, and the "State Council on Local Debt Guidelines for Approval of Refunding Bonds" promulgated on November 20, 1991, to issue its General Obligation Public Improvement Refunding Bonds and General Obligation Public Utility Refunding Bonds (the "Tax-Exempt Refunding Bonds"), for the purpose of refunding in advance of their stated maturities the City's outstanding General Obligation Public Improvement Bonds and~General Obligation Public Utility Bonds, Series 1992, dated January 1, 1992 and maturing on August 1, 2002 to AuguSt 1, 2012, both inclusive, and the City's outstanding General Obligation Public Improvement Refunding Bonds and General Obligation Public Utility Refunding Bonds, Series 1992, dated April 1, 1992 and maturing on November 1, 2002 through November 1, 2005, both inclusive; and WHEREAS, the Council has determined to authorize the City to issue its Taxable General Obligation Refunding Bonds (the "Taxable Refunding Bonds" and, collectively with the Tax-Exempt Refunding Bonds, the "Refunding Bonds") for the purpose of effecting a current refunding of an obligation of the City to the Virginia Retirement System in connection with an early retirement program for former employees of the Portsmouth City School System; and WHEREAS, the Council has determined to proceed with the issuance and sale of the Refunding Bonds; NOW, THEREFORE, BE IT RESOLVED by the Council Of the City of Portsmouth, Virginia: 1. The Council hereby authorizes the City Manager and the Deputy City Manager for Finance of the City to proceed with the sale of the Refunding Bonds referred to in the preambles hereto. The Refunding Bonds shall be sold at public sale on such date as shall be determined by the City Manager and the Deputy City Manager for Finance. 2. The City Manager and the Deputy City Manager for Finance are hereby authorized and directed to prepare and publish or distribute, or to cause to be prepared and published or distributed, to prospective purchasers of the Refunding Bonds a Preliminary Official Statement, a Summary Notice of Sale, Detailed Notices of Sale and Official Proposal Forms in connection with the sale of the Refunding Bonds. The City Manager and the Deputy City Manager for Finance are hereby authorized and directed to cause the Summary Notice of Sale to be published in The Bond Buyer, a financial newspaper published in the City of New York, New York. The City Manager and the Deputy City Manaqer for Finance are hereby authorized in the case of the Taxable Refunding Bonds to solicit bids for the purchase of the Taxable Refunding Bonds based on 10, 15, 20 or 30 year maturity schedules. 3. The City Manager and the Deputy City Manager for Finance are hereby authorized to certify that the Preliminary Official Statement for the Refunding Bonds authorized hereunder is "deemed final'" for purposes of Rule 15c2-12 promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 and to further certify or agree on behalf of the City that the City will undertake and agreed for the benefit of the holders of the Refunding Bonds, to comply with the provisions of Paragraph (b) (5) of such Rule 15c2-12 to the extent applicable to the Refunding Bonds.