Minutes 04/22/2003 - Laserfiche WebLink

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April 22, 2003 ]4. Authorization of Bond Anticipation Notes. If prior to the offering of any series of the Bonds, market or other conditions are such that the City Manager, in consultation with the Chief Financial Officer, determines that it is not advisable to enter into a long- term financing for all or any portion of the costs of the various public improvement projects, the City Manager, 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 any or all series of the Bonds; provided the principal amount of the Notes shall not exceed $17,010,000, 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%) and shall be subject to 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. Bonds in anticipation of which the Notes are issued must be issued and sold in accordance with this Resolution not later than five (5) years of the date of original issue of the first Notes issued hereunder. ]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 all actions taken by such officers and agents in connection with the Bonds are ratified and confirmed. ]6. Filin,q 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." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None Motion by Mr. Moody, and seconded by Mr. Whitehurst, to adopt the following ordinance, and was adopted by the following vote: 03-153(C): "ORDINANCE TO APPROPRIATE $22,419,052 IN THE CAPITAL IMPROVEMENT FUND AND $9,010,000 IN THE PUBLIC UTILITIES CAPITAL IMPROVEMENT FUND." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 03 - 154 - Adoption of an ordinance to appropriate $200,000 from the General Fund - Undesignated Fund Balance for legal fees. Recommendation: · Adoption of an ordinance to appropriate $200,000 from the General Fund - Undesignated Fund Balance for legal fees.