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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 /> <br />