Minutes 09/23/2003 - Laserfiche WebLink

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September 23, 2003 Motion by Mr. Pitts, and seconded by Mr. Benn, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING GENERAL OBLIGATION FINANCING FOR REDEVELOPMENT PURPOSES IN A MAXIMUM PRINCIPAL AMOUNT OF $,5,4,50,000. WHEREAS, the Council of the City of Portsmouth, Virginia (the "City") has determined that it is advisable to issue a maximum amount of $5,450,000 general obligation notes or other general obligation financing to finance the cost of certain redevelopment and economic development projects consisting primarily of the acquisition of property known as the Mid-City Shopping Center and the demolition of existing buildings located on such property for the purpose of promoting redevelopment and economic development (the "Project"); and WHEREAS, the City held a public hearing on such financing on September 23, 2003. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: ]. Authorization of Financinq and Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue and sell its general obligation notes or other general obligation financing of the City in the maximum principal amount of $5,450,000 (the "Financing"). The issuance of the Financing is hereby authorized. The Financing may be issued as one or more general obligation notes of the City (the "Note") or in the form of one or more financing agreements or support agreements (collectively, the "Support Agreement") securing revenue bonds to be issued on behalf of the City. The proceeds from the issuance and sale of the Financing shall be used to pay all or a portion of the costs of the Project, including costs associated with issuance of the Financing, in such amounts as shall be determined by the City's Chief Financial Officer. 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 Note or payments due under any Support Agreement 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 Note or payments due under any Support Agreement 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 Note. The Note shall be issued and sold upon the terms established pursuant to this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. The Note shall be issued in fully registered form, shall be dated such date as the Chief Financial Officer may approve, shall be issued as a single note in the denomination equal to the principal amount thereof, or in such lesser denominations of at least $100,000 as the Chief Financial Officer may approve. The Note shall be issued in such aggregate principal amount, and may be combined with other previously authorized general obligation bonds of the City, and shall mature on such date or dates as the Chief Financial Officer may approve, provided that the aggregate principal amount of the Note shall not exceed the amount set forth in paragraph 1 and the final maturity of the Note shall not be later than approximately three years from its date. The City Manager and the Chief Financial Officer, or either of them, is authorized and directed to solicit a proposal or proposals and to accept the proposal for the purchase of the Note which such officer determines to be most advantageous to the City. The Note shall be issued on such other terms as may be approved by the City Manager and the Chief Financial Officer, or either of them.