Minutes 09/09/2003 - Laserfiche WebLink

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September 9, 2003 · The City also has a $7,500,000 note outstanding for the Middle Street Parking Garage, which matures on November 26, 2003, which will be included in this refunding. · The bond sale is currently scheduled for early October. Financial Impact: · Present savings generated from the refunding are now estimated at $1.7 million or 6.84% of refunded par. · The inclusion of the parking bonds in this issue provides permanent financing of the Middle Street Parking Garage. Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION REFUNDING BONDS. WHEREAS, the City Council of the City of Portsmouth, Virginia (the "City") by a Resolution adopted on August 12, 2003 (the "Resolution") authorized the issuance of certain general obligation refunding bonds to refund certain outstanding bonds of the City as described in the Resolution. WHEREAS, the City Council has determined that it is advisable to authorize the issuance and sale of general obligation refunding bonds of the City to refund the outstanding balance of the City's $5,800,000 General Obligation Port Improvement Refunding Bonds, Series 1992 (the "Prior Bonds"). WHEREAS, the City Council has determined that it is advisable to issue and sell general obligation bonds of the City in the principal amount of $7,500,000 to pay the principal of the City's $7,500,000 Amended General Obligation Parking Note, Series 2001 (the "Note"). NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Bonds and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell general obligation bonds of the City (the "Bonds") (i) in the maximum principal amount of $1,500,000 to refund the Prior Bonds and (ii) in the principal amount of $7,500,000 to pay the principal of the Note. The issuance and sale of the Bonds are hereby authorized. The proceeds from the issuance and sale of the Bonds shall be used to refund the Prior Bonds and to pay the principal of the Note as set forth in paragraph 4 hereof. 2. Pled.qe of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment of the principal of, premium, if any, and interest on the Bonds as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, premium, if any, and interest on the Bonds as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Details and Sale of Bonds. The Bonds shall be issued upon the terms and in the manner established for the bonds authorized to be issued pursuant to the Resolution and upon such other terms as may be determined in the manner set forth in the Resolution. The principal amount of the bonds authorized to be issued by the Resolution is hereby increased to $58,000,000 to take into account the issuance of the Bonds.