Minutes 08/22/1995 - Laserfiche WebLink

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224. Auqust 22, ~995 2. That 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 s~une 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. That in anticipation of the issuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold Twenty~T~e~iliiO~-Se~en Hundred Fifty Thousand Dollars ($23,750,000) aggregate principal amount of general obligation public improvement bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for the same purpose as as specified in Paragraph I with respect to the application of the proceeds of the Bonds. The Notes may be issued in their entirety at one time, or an part from time to time, at any time; shall mature and be payable within five years from their date; and shall be sold at competitive or negotiated sale at not less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof and payment therefor and on such other terms and conditions as are determined by the Deputy City Manager-for Finance of the City. The City may sell all or part of the Notes alone or contemporaneously with any other general obligation notes or with any general obligation bonds of the City. There may be prepared and distributed a preliminary and a final Official Statement relating to any Notes in such form as shall be approved by the Deputy City Manager for Finance of the City. The issuance and details of such Notes shall be governed by the provisions of Section 15.1-227.29 of Title 15.1, Chapter 5.1, Article 2 of the Code of Virginia, 1950, and Article I of Chapter 12 of the Code of the City. Each Note issued hereunder shall be accompanied by a certificate of the City Manager and the Deputy City Manager for Finance of the City in the form prescribed in Section 12-16 of the Code of the City. The provisions of Paragraph 2 hereof shall apply to the Notes to the extent that s~une are not paid from the proceeds of the Bonds or from any other available funds. The sale of the Notes and the form~and other details thereof shall be approved, ratified and confirmed by resolution of the Council. Bonds in anticipation of which the Notes are issued must be issued and sold in accordance with this resolution not later than five years from the date of the original issue of the first Notes. 4. That the City Attorney of the City shall be and hereby is directed to file a copy of this resolution, certified by the City Clerk of the City to be a true copy thereof, with the Circuit Court of the City of Portsmouth, Virganaa, an accordance with Section 15.1-227.9 of the Code of Virginia, 1950. 5. That this resolution shall take effect from the date of its adoption." Ayes: Clemons, Griffin, Pitts, Webb Nays: Hawks, Martin, Robinett 95-397 Letter from the Acting City Manager recommending adoption of an ordinance to appropriate $33,343,034 from the Capital Improvements Fund for construction of the new I. C. Norcom High School.