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223 <br />Auqust 22, 1995 <br /> <br /> This resolution, coupled with the resolutions adopted <br />during the past three Capital Improvement Program years, brings <br />the outstanding bonds authorized, but not yet issued, to $53.325 <br />million. These authorizations include both school and citywide <br />capital improvements as previously approved. <br /> <br /> I recommend your adoption of the attached resolution <br />authorizing $24.75 million in general obligation bonds for the <br />construction of the new I. C. Norcom High School." <br /> <br /> Motion by Mr. Griffin, and seconded by Mr. Clemons, to <br />adopt the following resolution for $23.75 million in general <br />obligation bonds, and was adopted by the following vote: <br /> <br /> "A RESOLUTION AUTHORIZING THE ISSUANCE OF $2~,750,000 OF <br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY <br />THE COST OF CAPITAL SCHOOL PROJECTS OF AND FOR SUCH CITY AND <br />AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE <br />OF ~ LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND <br />ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT <br />OF T~E PROCEEDS OF SALE OF SUCH BONDS. <br /> <br />issuance ~nd sale of general obligation public improvement bond <br />anti~ipatlon notes; and <br /> <br /> WHEREAS, a public hearing has been held with respect to the <br />adoption of this resolution on August 22, 1995, as required by <br /> ~ . <br />and ~n accordance with Sectaon 15.1-227.8.A of <br />the Code of Virginia, 1950; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br /> of P~rtsmouth, Virginia: <br /> <br /> i. 1.. That pursuant to Chapter 5.1 of Title 15.1 of the Code <br />of V~rgania, 1950 (the same being the Public Finance Act of <br />1991), and the Charter of the C~ty, for the purpose of <br />pro%adang funds to.pay the costs of capatal school projects of <br />an~ for the City, ancluding, without limitation, the costs of <br />acc isition and construction of the new I.C. Norcom High School, <br />th~r~ are hereby authorized to be issued and sold Twenty-~hre~e <br />Million Seven Hundred Fifty Thousand Dollars ($23,750,000) <br />~g~regate principal amount of general obligation public <br />am~ 3vement bonds of the City (the "Bonds"). As determined by <br />res [ution of the Council, or as determined by the Deputy City <br />Man ier for Finance of the City, which determination shall be <br />approved or ratified by resolution of the Council adopted prior <br />to or at the.time ~f sale of the particular Bo~ds: the Bonds <br />may be sold an thear entirety at one time, or xn part from time <br />to time, at any time and the <br />Bon~ of each issue shall be in such form, be of such <br />denDmination, be payable at such time or times not exceeding <br />forty (40) years from their date, bear interest at a rate or <br />rat~s not exceedang the maxamum rate of interest authorized by <br />law at the tame of the sale of such Bonds, be sold an such <br />manner and have such other details as are deemed necessary or <br />advisable. The City may sell all or part of the Bonds along or <br />c~n~emporaneously with any other general obligation bonds or <br />w~th any general obligation bond anticipation notes of the City. <br /> <br /> <br />