Minutes 11/22/1994 - Laserfiche WebLink

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~ove~ber ~2~ 199~ WHERE~S, 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 AUTHORIZING AND PROVIDING WITH RESPECT TO 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", 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 mmprovement 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 bond anticipation notes of the City in an aggregate principal amount equal to the principal amount of the bonds authorized for · ssuance thereunder, the sale of any such general obligation 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 $5,000,000 principal amount of the general obligation 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 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 Crestar Bank to purchase and approves the sale to Crestar Bank of $5,000,000 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 November 23, 1994, shall mature on June 23, 1995, shall be subject to redemption at the option of the City at any time on or after March 25, 1995 at a redemption price equal to the principal amount thereof and shall bear interest payable in advance upon the issuance and delivery of the Notes at the rate of four and forty-two hundredths per centu~ (4.42%) 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. 4. The City Manager, the Director of Finance and the City Treasurer are authorized and directed to take all such actions as shall be contemplated by the Authorizing Resolutions and this resolution in connection with the issuance, sale and delivery of the Notes.