Minutes 08/13/2002 - Laserfiche WebLink

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Au.qust 13, 2002 ]4. Authorization of Bond Anticipation Notes. The City Manager, in consultation with the Chief Financial Officer, without further approval of the City Council as to documentation or otherwise, may execute, deliver and issue short-term notes of the City ("Notes") as provided in Section 15.2-2628 of the Code of Virginia of 1950, as amended, at public or private sale in anticipation of the issuance of all or a portion of the Bonds; provided the principal amount of the Notes shall not exceed $2,000,000, the term to maturity thereof shall not exceed five years and the true interest cost thereon shall not exceed seven and one-half percent (7.5%). The Notes and shall be issued and sold in such manner as may be determined by the City Manager and the Chief Financial Officer and upon such other terms and conditions contained in this Resolution to the extent not inconsistent with this Section 14. Each Note issued hereunder shall be accompanied by a certificate of the City Manager and the Chief Financial Officer of the City in the form prescribed in Section 12-16 of the Code of the City. The provisions of Section 2 hereof shall apply to the Notes to the extent the same are not paid from the proceeds of the Bonds or from any other available funds. ]5. Further Actions. The City Manager and the Chief Financial Officer and such officers and agents of the City as either of them may designate are authorized and directed to take such further action and to execute and deliver such additional agreements, documents and certificates as they deem necessary regarding the Bonds and the Notes and all actions taken by such officers and agents in connection with the Bonds and the Notes are ratified and confirmed. ]6. Filing Resolution. The appropriate officers or agents of the City are authorized and directed to file a certified copy of this Resolution with the Circuit Court of the City pursuant to Sections 15.2-2607 and 15.2-2627 of the Code of Virginia of 1950, as amended. ]7. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the Public Finance Act of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended, (the "Act"), the City Council elects to issue the Bonds pursuant to the provisions of the Act. This Resolution shall take effect immediately." 02-244(B): "ORDINANCE TO APPROPRIATE $2,000,000 IN THE CAPITAL IMPROVEMENT FUND FOR INFRASTRUCTURE RELATED TO THE VICTORY CROSSING PROJECT." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst Nays: None - New Business - 02 - 245 - Boards and Commissions There were no appointments. 02 - 246 - Items Submitted by Council Members Councilman Whitehurst spoke on his election as Chairman of Southeastern Public Service Authority (SPSA). 02 - 247 - Non-Agenda Speakers 1. J. Brewer Moore, 308 Bobby Jones Drive, spoke on the events of the Todi Music Festival. 2. Ned McCabe, 602 Rockbridge Road, spoke on September 11th Commemoration, providing information on the upcoming event. 3. Mark Geduldig-Yatrosky, 363 Middle Street, spoke on the Hampton Roads Transportation Referendum.