Minutes 02/28/1995 - Laserfiche WebLink

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03,2 February 28, 1995 WHEREAS, this Council on'November 9, 1993 adopted a resolution, entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF $11,200,000 OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND-AUTHORIZINa AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES INANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS", authorizing the issuance of $11,200,000 principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement 'Bonds, for the purpose of providing funds to pay the costs of public improvement projects of the City set forth therein (the "1993 Authorizing Resolution"; and collectively with the 1992 Authorizing Resolution, the "AuthOrizing Resolutions"); and WHEREAS, Paragraph 4 of each of the Authorizing Resolutions authorized the City to issue and sell general obligation public improvement bond anticipation notes of the City in an aggregate principal amount equal to the principal a~ount of the bonds authorized for issuance thereunder, the sale of any such-general obligation public improvement bond anticipation notes and the form and other details thereof to be approved, ratified and confirmed by this Council; and WHEREAS, the City has determined to issue and sell $7,000,000 principal amount of the general obligation public improvement bond anticipation notes authorized for issuance by the Authorizing Resolutions in anticipation of the issuance of the bonds authorized for issuance thereunder and has requested this CoUncil to.approve the sale of such general obligation public improvement bond anticipation notes and the form and other details thereof; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. In accordance with and pursuant to Paragraph 4 of each of the Authorizing Resolutions, this Council hereby accepts the proposal of NationsBank of Virginia, N.A., to purchase and approve the sale to Nati0nsBank of Virginia, N.A. of $7,000,000 principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement Bond Anticipation Notes (the "Notes") at a purchase price equal to the principal amount of the Notes. The Notes shall be dated on or about March 1, 1995 as determined by the Director of Finance, shall mature on January 15, 1996, shall be subject to redemption at the option of the City at any time on or after October 17, 1995 at a redemption price equal to the principal amount thereof and shall bear interest payable at maturity at the rate of 4.72 per centum (4.72%) per annum. The form of the Note attached to this resolution as Exhibit A is hereby approved, ratified and confirmed by this Council. 2. The City covenants that it shall comply with the provisions of Sections 103 and 141-150 of the Internal Revenue Code of 1986, and the Treasury Regulations promulgated or proposed to be promulgated thereunder, applicable to the Notes, throughout the term of the Notes. 3. The City hereby designates the Notes as "qualified tax-exempt obligations" within the meaning of Section 265(b) (3) of the Internal Revenue Code of 1986.