|
Au,qust 12, 2003
<br />
<br />(iii) $74,400,000 General Obligation Bonds, Series 2001, consisting of $37,875,000
<br />General Obligation Public Improvement and Refunding Bonds, Series 2001A and
<br />$36,525,000 General Obligation Public Utility and Refunding Bonds, Series 2001B
<br />(collectively, the "Prior Bonds").
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />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 />refunding bonds of the City in one or more series in the maximum aggregate principal
<br />amount of $49,000,000 (the "Bonds"). The issuance and sale of the Bonds are hereby
<br />authorized. The proceeds from the issuance and sale of the Bonds shall be used to
<br />refund all or a portion of the Prior Bonds in the discretion of the Chief Financial Officer
<br />as set forth in paragraph 11 hereof and to pay the costs of issuing the Bonds.
<br />
<br /> 2. Pled,qe of Full Faith and Credit. The full faith and credit of the City are
<br />hereby irrevocably pledged for the payment of the principal of, premium, if any, and
<br />interest on the Bonds as the same become due and payable. The City Council shall
<br />levy an annual ad valorem tax upon all property in the City, subject to local taxation,
<br />sufficient to pay the principal of, premium, if any, and interest on the Bonds as the same
<br />shall become due for payment unless other funds are lawfully available and
<br />appropriated for the timely 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, and shall mature or be subject to mandatory
<br />sinking fund redemption on such dates and in such amounts as the Chief Financial
<br />Officer may approve, provided that the aggregate principal amount of the Bonds shall
<br />not exceed the amount set forth in paragraph 1 and the final maturity of the Bonds shall
<br />not be later than approximately 20 years from their date. The City Manager and the
<br />Chief Financial Officer, or either of them, is authorized and directed to accept a bid for
<br />the purchase of the Bonds which results in the lowest true interest cost to the City and
<br />the Bonds shall bear interest, payable semi-annually, at such rate or rates and shall be
<br />sold at such price or prices as may be set forth in the bid accepted by such officer or
<br />officers; provided that the true interest cost of the Bonds shall not exceed 5.5% per
<br />annum and the purchase price shall be not less than 97% of the par amount of the
<br />Bonds, taking into account any original issue discount or any bond insurance premium.
<br />The City Manager and the Chief Financial Officer, or either of them, is authorized and
<br />directed to approve such optional or mandatory redemption provisions for the Bonds as
<br />such officer or officers may determine to be in the best interest of the City.
<br />
<br /> 4. Form of Bonds. The Bonds shall be in substantially the forms attached to
<br />this Resolution as Exhibits A and B, with such appropriate variations, omissions and
<br />insertions as are permitted or required by this Resolution. There may be endorsed on
<br />the Bonds such legend or text as may be necessary or appropriate to conform to any
<br />applicable rules and regulations of any governmental authority or any usage or
<br />requirement of law with respect thereto.
<br />
<br /> 5. Book-Entry-Only Form. The Bonds shall be issued in book-entry-only
<br />form. The Bonds shall be issued in fully-registered form and registered in the name of
<br />Cede & Co., as nominee of The Depository Trust Company, New York, New York
<br />("DTC") as registered owner of the Bonds, and immobilized in the custody of DTC. One
<br />fully-registered Bond in typewritten or printed form for the principal amount of each
<br />maturity of the Bonds shall be registered to Cede & Co. Beneficial owners of the Bonds
<br />shall not receive physical delivery of the Bonds. Principal, premium, if any, and interest
<br />payments on the Bonds shall be made to DTC or its nominee as registered owner of the
<br />Bonds on the applicable payment date.
<br />
<br />
<br />
|