January 9, 1996
<br />
<br /> Section l~.iThat the Authority is hereby authorized to
<br />~execute and delive~ the Agreement upon~the Authority's receipt
<br /> of (a) the executed opinion of Bond Counsel hereinabove
<br /> described, round,acceptable to the Authority, and (b) an
<br /> original counterpart of the Agreement executed by the Company~
<br /> the Guarantors and the Holder.
<br />
<br /> Section 2: That the Agreement may contain such changes,
<br />insertions or omissions which do not not materially adversely
<br />affect the interests of the Authority as may be approved by the
<br />Authority's Chairman or Vice Chairman, whose approval shall be
<br />evidenced conclusively by his execution and delivery thereof.
<br />
<br /> Section 3: That the City Clerk be, and hereby is,
<br />instructed to forward a copy of this resolution to the
<br />Authority.
<br />
<br /> Section 4: That this resolution shall take effect on the
<br />date of its adoption."
<br />
<br />Ayes: Clemons, Griffin, Hawks, Martin, Pitts, Robinett, Webb
<br />Nays: None
<br />
<br />96-12 Letter from the City Manager reco=~ending adoption of
<br />two resolutions extending the maturity date for outstanding Bond
<br />Anticipation Notes to February 26, 1996.
<br />
<br /> "The preparation for the sale of the City's General
<br />Obligation Bonds is proceeding towards a late January 1996 bid
<br />acceptance date with closing on the bonds scheduled for mid
<br />February. To achieve this schedule, it is necessary to extend
<br />the outstanding Bond Anticipation Notes (BAN's) that are
<br />currently outstanding and are due to mature on January 15th.
<br />
<br /> We have contacted both Crestar Bank and NationsBank, the
<br />holders of the notes, and they have both indicated s willingness
<br />to extend the maturity dates on the notes to February 26, 1996.
<br />This extension will only affect the date of maturity, all other
<br />terms and conditions of the notes will remain the same.
<br />
<br /> The attached resolutions have been prepared so as to
<br />accomplish this extension, i, therefore, recommend your
<br />approval of the resolutions to extend the maturity dates of the
<br />two Bond Anticipation Notes."
<br />
<br /> Motion by Mr. Robinett, and seconded by Mr. Martin,
<br />adopt the following resolutions, and was adopted by the
<br />following vote:
<br />
<br />to
<br />
<br />A RESOLUTION AUTHORIZING THE EXTENSION OF THE MATURITY OF
<br />$5,000,000.00 PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA,
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONE ANTICIPATION NOTES,
<br />DATED JIINE 28, 1995.
<br />
<br /> "WHEREAS, the City of Portsmouth, Virginia (the "City"), on
<br />June 28, 1995 issued $5,000,000.00 principal amount of General
<br />Obligation Public Improvement Bond Anticipation Notes, dated
<br />June 28, 1995 (the "Notes"), bearing interest payable at
<br />maturity at the rate of 4.12% per annum and with a stated
<br />maturity of January 15, 1996; and
<br />
<br /> WHEREAS, the City desires to extend the maturity of the
<br />Notes to February 26, 1996 and Crestar Bank, as registered owner
<br />of the Notes, is willin~ to agree to such extension of the
<br />maturity of the Notes with interest for the period of such
<br />extension at the rate of 4.12% per annum, such interest to be
<br />payable on February 26, 1996.
<br />
<br />
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