Minutes 08/13/2002 - Laserfiche WebLink

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Au.qust 13, 2002 Motion by Mr. Benn, and seconded by Mr. Moody, to adopt the following resolution, and was adopted by the following vote: 02-244(A): "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE OF $2,000,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF PORTSMOUTH, VIRGINIA, GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS FOR THE PURPOSE OF FINANCING THE COSTS OF CERTAIN IMPROVEMENTS IN THE CITY AND APPROVING THE FORM AND OTHER DETAILS OF THE BONDS; AUTHORIZING THE CITY MANAGER AND THE CHIEF FINANCIAL OFFICER TO TAKE ALL ACTIONS AS SHALL BE REQUIRED IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF SUCH BONDS; AUTHORIZING THE CITY MANAGER TO EXECUTE SUCH BONDS; AUTHORIZING THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS; AND OTHERWISE PROVIDING FOR THE DETAILS WITH RESPECT TO THE SALE AND ISSUANCE OF SUCH NOTES. WHEREAS, in the judgment of the City Council (the "City Council") of the City of Portsmouth, Virginia (the "City"), it is desirable to authorize the issuance of $2,000,000 aggregate principal amount of general obligation public improvement bonds for the purpose of providing funds to pay the costs of infrastructure associated with the Victory Crossing project (the "Project") and provide for the issuance and sale of general obligation public improvement bond anticipation notes; and WHEREAS, a duly advertised and conducted public hearing has been held with respect to the adoption of this resolution on August 13 2002, as required by and in accordance with Section 15.2-2606.A of the Code of Virginia of 1950, as amended; and NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: ]. Authorization of Bonds and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell general obligation bonds of the City in the aggregate principal amount not to exceed $2,000,000 (the "Bonds"). The issuance of the Bonds is hereby authorized. The proceeds from the issuance and sale of the Bonds shall be used to pay the costs of the Project. 2. Pled.qe of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Bonds as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, premium, if any, and interest on the Bonds as the same become due and payable unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms established pursuant to this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. The Bonds shall be issued in fully registered form, shall be dated such date as the Chief Financial Officer may approve, shall be in denominations of $5,000 and integral multiples thereof and shall be numbered from R-1 upwards consecutively. The Bonds shall be issued in one or more series in such aggregate principal amount, and may be combined with other authorized general obligation bonds of the City, including refunding bonds, and shall mature on such dates and in such amounts as the Chief Financial Officer may approve, provided that the aggregate principal amount of the Bonds shall not exceed the amount set forth in Section 1 and the final maturity shall not exceed approximately 25 years from their date. The Bonds shall bear interest, payable semi-annually, at such rate or rates and shall be sold at such price or prices and in such manner as may be determined by the City Manager and the Chief Financial Officer, or either of them; provided that the true interest cost of the Bonds shall not exceed 7.5% per annum and the purchase price shall be not less than 97% of the par amount of the Bonds, not taking into account any original issue discount or any bond insurance premium.