Minutes 02/28/1995 - Laserfiche WebLink

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O28 February 28, 1995 Motion by Mr. Pitts, the following resolution, vote: and seconded by Mr. Clemons, to adopt and was adopted by the following "A RESOLUTION AUTHORIZING THE ISSUANCE OF $7,375,000.00 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 AUTHORIZING AND PROVIDING WITH RESPECT TO THEISSUANCE AND SALE OF A LIKE PRINCIPAL AMOU1TT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND A~TICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. WHEREAS, it is necessary for the City of Portsmouth, Virginia (the "City") to provide funds for the public improvement projects as hereinafter set forth; and WHEREAS, there are no funds in the treasury of the City applicable to the payment of the costs of such projects and, accordingly, it is necessary to authorize the issuance of Seven Million Three Hundred and Seventy Five Thousand Dollars ($7,375,000.00) aggregate principal amount of general obligation public improvement bonds of the City to pay such costs and in anticipation thereof to authorize and provide for the issuance and sale of general obligation public improvement bond anticipation notes; and WHEREAS, a public hearing has been held with respect to the adoption of this Resolution on January 10, 1995, as required by and in accordance with Section 15.1-227.8 of the Code of Virginia, 1950, as sanended. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, the same being the Public Finance Act of 1991, and the Charter of the City, for the purpose of providing funds to pay the costs of public improvement projects of the City as set forth in paragraph 3, there are hereby authorized to be issued and sold Seven Million Three Hundred Seventy Five Thousand Dollars ($7,375,000.00) aggregate principal amount of general obligation bonds of the City to be designated and known as '~City of Portsmouth, Virginia, General Obligation Public Improvement Bonds", (the "Bonds"). As determined by resolution of the Council, or determined by the Director of Finance of the City which determination shall be approved or ratified by resolution of the Council adopted prior to or at the time of sale of the particular Bonds: the Bonds may be sold in their entirety at one time, or in part from time to time, at any time and the Bonds of each issue shall be in such form, be of such denomination, be payable at such time or times not exceeding forty (40) years from their date, bear interest at a rate or rate~ not exceeding the maximum rate of interest authorized by law at the time of the sale of such bonds, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or part of the Bonds along or contemporaneously with any other general obligation bonds or with any general obligation bond anticipation notes of the City. 2. 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 same become due. In each year while the Bonds~ or any of them, are outstanding and unpaid, there shall be assessed, levied and collected, upon al~ property within the City subject to taxation by the City a sufficient to provide for the payment of the principal of and interest on the Bonds as the same become due.