Minutes 11/12/2002 - Laserfiche WebLink

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November 12, 2002 WHEREAS, the Council of the City (the "Council") has determined that it is in the best interests of the City to enter into an interest rate protection agreement to protect the City against increases in the variable interest rate on the 2001 Bonds and increases in the City's obligations under the Cooperation Agreement. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1. Findinqs and Determinations. That the Council hereby determines that it is advisable to enter into an interest rate protection agreement to protect the City against increases in the variable interest rate on the 2001 Bonds and increases in the City's obligations under the Cooperation Agreement. Section 2. Authorization of the Interest Rate Protection Aqreement. That the City Manager and the Chief Financial Officer, and such other officers and agents of the City as the City Manager or Chief Financial Officer may designate, are each hereby authorized to execute an interest rate protection agreement in connection with the Cooperation Agreement and the 2001 Bonds, within the parameters set forth in Section 3 of this Resolution, with such counterparty as shall be selected by the officer executing the interest rate protection agreement and with such changes, insertions and deletions to such interest rate protection agreement as may be consistent with this Resolution and the determinations made pursuant hereto and as may be approved by the officer executing such interest rate protection agreement, said execution being conclusive evidence of such approval; and the Clerk of the City is hereby authorized to affix and attest the seal of the City thereto. Section 3. Parameters of the Interest Rate Protection Aqreement. That the following limitations shall be applicable to the interest rate protection agreement: (i) the term shall not exceed the final maturity of the 2001 Bonds which is July 1,2011, (ii) the notional amount relating to the 2001 Bonds then in effect shall not exceed Thirteen Million Dollars ($13,000,000), and (iii) the fixed interest rate under the interest rate protection agreement shall not exceed 7.00% Section 4. Pled.qe of Full Faith and Credit. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the obligations of the City under such interest rate protection agreement as the same become due. Section 5. Further Actions. That the City Manager and Chief Financial Officer, and such other officers and agents of the City, as the City Manager or Chief Financial Officer may designate, are each authorized and directed to take such further actions as they deem necessary regarding the interest rate protection agreement and all actions previously taken by officers and agents of the City in connection with the interest rate protection agreement are hereby ratified and confirmed. Actions specifically authorized by the preceding sentence shall include the provision of credit support as required by the interest rate protection agreement, and the preparation and execution of amendments or supplements to the Cooperation Agreement in connection with the 2001 Bonds and the interest rate protection agreement which are deemed by the City Manager or the Chief Financial Officer to be necessary to effect or enhance the benefit to the City from the transactions authorized by this Resolution. Section 6. Filin,q of Resolution with Circuit Court. That 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 Virginia Code of 1950, as amended. Section 7. Effectiveness of Resolution. That this Resolution shall take effect on the date of its adoption." 02-325(B): "A RESOLUTION AUTHORIZING THE EXECUTION OF AN INTEREST RATE PROTECTION AGREEMENT ON BEHALF OF THE CITY OF PORTSMOUTH, VIRGINIA, AND THE PERFORMANCE OF CERTAIN ACTIONS RELATING THERETO, WITH RESPECT TO THE 1997 ACQUISITION COSTS OF TWO PARCELS OF LAND AT FAIRWOOD HOMES.