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027 <br /> February 28, 1995 <br /> <br /> 3. The proceeds of Sale of the. Bo.nde shall be applied to <br />the paMment of ~e' 6Osts of the public mmprovement Projects <br />described below in substantially the amounts set forth opposite <br />the descriptions of the respective projects: <br /> <br />PROJECT <br /> <br />AMOUNT <br /> <br />Drainage, Curb, Gutters ~and <br /> Street Improvements <br />Education <br />Leisure Services <br />Public Safety <br />Municipal Facilities <br /> <br />Total <br /> <br />$1,310,000.00 <br />4,000,000.00 <br />389,363.00 <br />923,790.00 <br />751,847.00 <br />$7,375,000.00 <br /> <br />provided, that if any such project shall require less than the <br />entire respective amount set forth above, the difference may be <br />applied to pay the cost of any other project so set forth. <br /> <br />4. In anticipation of the issuance of the Bonds and the <br />receipt of the proceeds thereof, there are hereby authorized to <br />be issued and sold Seven Million Three Hundred Seventy Five <br />Thousand Dollars ($7,375,000,00) aggregate principal amount of <br />general obligation public improvement bond anticipation notes of <br />the City (the "Notes"). The proceeds of the Notes shall be <br />applied for the same purposes and in the same respective amounts <br />as are specified in paragraph 3 with respect to the application <br />of the proceeds of the Bonds. The Notes may be issued in their <br />entirety at one time, or in part from time to time, at any time; <br />shall mature and be payable within five years from their date; <br />and shall be sold at competitive or negotiated sale at not less <br />than par plus interest accrued thereon from the date thereof to <br />the date of the delivery thereof and payment therefor and on <br />such other terms and conditions as are determined by the <br />Director of Finance of the City. The City may sell all or part <br />of the Notes alone or con=emporaneously with any other general <br />obligation notes or with any general obligation bonds of the <br />City. There may be prepared and distributed a preliminary and a <br />final Official Statement relating to any Notes in such form as <br />shall be approved by the Director ~f Finance. The issuance and <br />details of such Notes shall be governed by the provisions of <br />Section 15.1-227.29 of Title 15.1, Chapter 5.1, Article 2 of the <br />Code of Virginia, 1950, as amended, and Article I of Chapter 12 <br />of the Code of the City. Each Note issued thereunder shall be <br />accompanied by a certificate of the City Manager and the <br />Director of Finance of the City in the form prescribed in <br />Section 12-16 of the Code of the City. The provisions of <br />paragraph 2 hereof shall apply to the Notes to the extent that <br />same are not paid from th~ proceeds of the Bonds or from any <br />other available funds. The sale of the Notes and the form and <br />other details thereof shall be approved, ratified and confirmed <br />by the resolution of this Council. Bonds in anticipation of <br />which the Notes are issued must be issued and sold in accordance <br />with this resolution not later than five years from the date of <br />the original ~ssue of the first Notes. <br /> <br />5. The City Attorney of the City shall be and hereby is <br />directed to file a copy of this resolution, certified by the <br />City Clerk of the City to be a true copy thereof, with the <br />Circuit Court of the City of Portsmouth, Virginia, in accordance <br />with Section 15.1-227.9 of the Code of Virginia, 1950, as <br />amended. <br /> <br />6. This resolution shall take effect from the date of its <br />adoption." <br /> <br />Ayes: Cl~mons, Griffin, Pitts, Webb <br />Nays: Hawks, Martin, Robinett <br /> <br /> <br />