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~s <br /> <br /> 183 <br /> June 27, 1995 <br /> <br />Piortsmouth Obligation Public Improvement <br />~, ~roviding funds to pay the costs of <br /> improvement projects of the City set forth therein (the <br /> Authorizing Resolution" and, collectively with the 1992 <br /> Resolution, the "Authorizing Resolutions"); and <br /> <br /> .WHEREAS, Paragraph 4 of each of the Authorizing <br />ollutions authorized the City to issue and sell general <br /> public improvement bond anticipation notes of the <br /> in an aggregate principal amount equal to the principal <br /> ~t of the bonds authorized for issuance thereunder, the sale <br /> such general obligation public improvement bond <br /> )ation notes and the form and other details thereof to be <br /> Fatified and Confirmed by this Council; and <br /> <br /> WHEREAS, the City has determined to issue and sell <br /> 0,000 principal amount of the general obligation public <br /> bond anticipation notes authorized for issuance by <br /> Resolutions in anticipation of the issuance of <br />bonds authorized for issuance thereunder and has requested <br /> Council to approve the sale of such general obligation <br /> improvement bond anticipation notes and the form and <br /> details thereof; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />of Portsmouth, Virginia: <br /> <br /> 1. In accordance with and pursuant to Paragraph 4 of <br /> of the Authorizing Resolutions, this Council hereby accepts <br />proposal of Crestar Bank to purchase and approves the sale <br /> Bank of $5,000,000 principal amount of City of <br /> Virginia, General Obligation Public Improvement Bond <br /> Notes (the "Notes") at a purchase price equal <br /> principal amount of the Notes. The Notes shall be dated <br /> 28, 1995, shall mature on January 15, 1996 and shall bear <br /> payable at maturity at the rate of four and 12/100 per <br /> (4.12%) per annum. The form of the Note attached to this <br /> as Exhibit A is hereby approved, ratified and <br />~rmed by this Council. <br /> <br /> 2. The City covenants that it shall comply with the <br /> of Sections 103 and 141-150 of the Internal Revenue <br />of 1986, and the Treasury Regulations promulgated or <br />Dsed to be promulgated thereunder, applicable to the Notes, <br /> the term of the Notes. <br /> <br /> 3. The City hereby designates the Notes as "qualified <br /> obligations" within the meaning of Section 265[b) (3) <br />Internal Revenue Code of 1986. <br /> <br /> 4. The City Manager, the Director of Finance and the <br /> Treasurer are authorized and directed to take all such <br /> as shall be contemplated by the Authorizing Resolutions <br /> resolution and as shall otherwise be required in <br />· ction with the issuance, sale and delivery of the Notes. <br /> Treasurer is authorized and directed to execute the <br /> on behalf of the City. <br /> <br /> 5. The City Attorney of the City shall be and hereby <br /> rected to file a copy of this resolution, certified by the <br /> Clerk of the City to be a true copy thereof, with the <br />air Court of the City, in accordance with Section 15.1-227.4 <br /> Code of Virginia, 1950. <br /> <br /> 6. This resolution shall take effect from the date o4 <br /> )tion." <br /> <br />Clemons, Griffin, Hawks, Martin, Pitts, Robinett <br />None <br /> <br /> <br />