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-1.82' <br /> <br />95-313 Letter from the City Manager~recommending adoption of <br />a motion to adopt a resoluti6n authorizing the renewal of $5 <br />million of Bond Anticipation Notes. <br /> <br /> ~On November 23j 1994 the City issu~dlBond An'~icipa~tion <br /> · ' ' ' Th~S~ notes <br />Not-es (BANgs) in the_amount .of *¢5;m%lllon. '/ <br />provided the cash necessary to fund our ongoing capital <br /> <br />3ooop.. _ <br />15, 19'96, which is the <br /> <br /> the <br /> , 1995 at <br />~ ~n Janu~ry~ <br />~r BAN issue we have <br /> <br /> Upondetermi~ing the 1owe~ <br />necessary re~otutio~ will be <br /> ~ons~derat2on. <br />for'y~ur, r~vi~w and ~ ' ' ' -""~ '~ <br /> <br />)lc'bidder, the <br /> $trlbuted to you <br /> <br /> Motion by Mr. Robinett, and seconded by Mr. Martin, <br />adopt the following resolution, and was adopted by the <br />following vote: <br /> <br />to <br /> <br /> "A RESOLUTION OF THE COUNCIL OF-THE CITY OF PORTSMOUTH, <br />VIRGINIA, APPROVING THE SALE OF $5,000,000 PRINCIPAL AMOUNT <br />CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC BOND <br />ANTICIPATION NOTES AND THE FORM AND OTHER DETAILS ACCEPTING THE <br />PROPOSAL OF CRESTAR BANK TO PURCHASE SUCH AUTHORIZING THE CITY <br />MAI{AGER, THE DIRECTOR OF FINANCE A19D THE-TREASURER TO TAKE ALL <br />ACTIONS AS SHALL BE REQUIRED IN WITH THE ISSUANCE, SALE AND <br />DELIVERY OF SUCH NOTES; THECITY TREASURER TO EXECUTE SUCH <br />NOTES; DESIGNATING SUCH NOTES AS "QUALIFIED TAX-EXEMPT <br />OBLIGATIONS" FOR PURPOSES OF SECTION 265(h) (3) OF THE INTERNAL <br />REVENUE CODE OF 1986; OTHERWISE AND PROVIDING WITH RESPECT TO <br />THE ISSUANCE OF SUCH NOTES. <br /> <br /> WHEREAS, this Council of the City of Portsmouth, <br />Virginia (the "City"), on November 10, 1992, adopted a <br />resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$10,000,000 OF GENERAL OBLIGATION BONDS OF THE CITY OF <br />PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY <br />THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND <br />AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE- <br />OF A LiKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND <br />ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT <br />OF THE PROCEEDS OF SALE OF SUCH BONDS", authorizing the <br />issuance of $10,000,000 principal amount of City of Portsmouth, <br />Virginia, General Obligation Public Improvement Bonds for the <br />purpose of providing funds to pay the costs of public <br />improvement pro]ects of the City set forth therein (the "1992 <br />Authorizing Resolution"); and <br /> <br /> WHEREAS, this Council on November 9, 1993 adopted a <br />resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />$11,200,000 OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF <br />THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING <br />FUNDS TO PAY THE-COSTS OF VARIOUS IMPROVEMENT PROJECTS OF SUCH <br />CITY AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE <br />~ SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION <br />PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF <br />THE ISSUANCE ~ RECEIPT OF THE PROCEEDS OF SALE OF SUCH <br />BONDS", authorizing the issuance of $11,200,000 principal <br />amount of City <br /> <br /> <br />