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April 22, 2003
<br />
<br />AUTHORIZING THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES IN
<br />ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE
<br />OF SUCH BONDS; AND OTHERWISE PROVIDING DETAILS WITH RESPECT TO
<br />THE ISSUANCE OF SUCH BONDS.
<br />
<br /> WHEREAS, in the judgment of the City Council (the "City Council") of the City of
<br />Portsmouth, Virginia (the "City"), it is desirable to authorize the issuance of $17,010,000
<br />aggregate principal amount of general obligation public improvement bonds for the
<br />purpose of providing funds to pay the costs of various public improvement projects to be
<br />located in the City and provide for the issuance and sale of general obligation public
<br />improvement bond anticipation notes; and
<br />
<br /> WHEREAS, a duly advertised and conducted public hearing has been held with
<br />respect to the adoption of this resolution on April 22, 2003, as required by and in
<br />accordance with Section 15.2-2606.A of the Code of Virginia of 1950, as amended; and
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
<br />OF PORTSMOUTH, VIRGINIA:
<br />
<br /> ]. Authorization of Bonds and Use of Proceeds. The City Council hereby
<br />determines that it is advisable to contract a debt and to issue and sell general obligation
<br />bonds of the City in the aggregate principal amount not to exceed $17,010,000 (the
<br />"Bonds"). The issuance of the Bonds is hereby authorized. The proceeds from the
<br />issuance and sale of the Bonds shall be used to pay the costs of various public
<br />improvement projects described below in substantially the amounts set forth opposite
<br />the descriptions of the respective projects:
<br />
<br /> Purpose
<br />Drainage and Street Improvemenl
<br />Education
<br />Public Utilities
<br />Miscellaneous
<br />Municipal Facilities
<br />
<br />Amount
<br />$ 2,371,400
<br /> 600,000
<br /> 9,010,000
<br /> 218,600
<br /> 4,810,000
<br />
<br />Total $17,010,000
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<br />provided that if any such project shall require less than the entire respective amount set
<br />forth above, the difference may be applied to pay the cost of any other project set forth.
<br />
<br /> 2. Pled.qe of Full Faith and Credit. The full faith and credit of the City are hereby
<br />irrevocably pledged for the payment of the principal of, premium, if any, and interest on
<br />the Bonds as the same become due and payable. The City Council shall levy an annual
<br />ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay
<br />the principal of, premium, if any, and interest on the Bonds as the same become due
<br />and payable unless other funds are lawfully available and appropriated for the timely
<br />payment thereof.
<br />
<br /> 3. Details and Sale of Bonds. The Bonds shall be issued and sold upon the
<br />terms established pursuant to this Resolution and upon such other terms as may be
<br />determined in the manner set forth in this Resolution. The Bonds shall be issued in fully
<br />registered form, shall be dated such date as the Chief Financial Officer may approve,
<br />shall be in denominations of $5,000 and integral multiples thereof and shall be
<br />numbered from R-1 upwards consecutively. The Bonds shall be issued in one or more
<br />series in such aggregate principal amount, and may be combined with other authorized
<br />general obligation bonds of the City, including refunding bonds, and shall mature on
<br />such dates and in such amounts as the Chief Financial Officer may approve, provided
<br />that the aggregate principal amount of the Bonds shall not exceed the amount set forth
<br />in paragraph 1 and the final maturity of the Bonds shall be no later than December 1,
<br />2028. The City Manager and the Chief Financial Officer, or either of them, are
<br />authorized and directed to execute and deliver one or more Bond Purchase Agreements
<br />providing for the sale of the Bonds to an underwriter or group of underwriters with
<br />demonstrated experience in underwriting municipal securities, to be selected by the City
<br />Manager and the Chief Financial Officer, or either of them, upon such terms as such
<br />officer deems most advantageous.
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