Minutes 11/25/2003 - Laserfiche WebLink

Home Browse Search

November 25, 2003 Financial Impact: · Debt service savings will accrue to the FY 2004 and FY 2005 general fund and utility fund budgets. Motion by Mr. Whitehurst, 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 WITH RESPECT TO THE ISSUANCE AND SALE OF GENERAL OBLIGATION REFUNDING BONDS AND THE EXTENSION OF THE CITY'S GENERAL OBLIGATION PARKING NOTE. WHEREAS, the City Council of the City of Portsmouth, Virginia (the "City") by Resolutions adopted on August 12, 2003 and September 9, 2003 (the "Resolutions") authorized the issuance of certain general obligation refunding bonds to refund certain outstanding bonds and a general obligation parking note of the City as described in the Resolutions (the "Refunding Bonds"). WHEREAS, the City Council proposes to authorize certain additional provisions with respect to the Refunding Bonds. WHEREAS, the City Council has determined that it is advisable to authorize the extension of its $7,500,000 General Obligation Parking Note, Series 2001 (the "Note"). NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: ]. Authorization of Amended Note. The City Council hereby determines that it is best interests of the City to amend the Note and extend the maturity of the Note. The amendment and extension of the maturity of the Note are hereby authorized and such amendments shall be evidenced by an amendment to the Note (the "Amendment"). The Amendment is hereby authorized, upon such terms as the Chief Financial officer may approve, such approval to be evidenced conclusively by the execution and delivery of the Amendment, provided that the interest rate shall not exceed 3.5% and the Note shall mature not later than March 1, 2004. 2. Execution of Amendment. The City Manager is authorized and directed to execute and deliver the Amendment and the Clerk is authorized to affix the seal of the City thereto and to attest the same. The manner of execution and affixation of the seal may be by facsimile, provided, however, that if all of the signatures are by facsimile, the Amendment shall not be valid until signed at the foot thereof by the manual signature of the Note Registrar. 3. Refundin.q Bonds. Notwithstanding any contrary provisions in the Resolutions, the City Manager and the Chief Financial officer, or either of them, is authorized and directed to select an underwriter or underwriters for the Refunding Bonds. The City Manager and the Chief Financial Officer, or either of them, is authorized and directed to execute and deliver a Bond Purchase Agreement with the underwriters providing for the sale of the Refunding Bonds to the underwriters on the terms set forth herein and in the Resolutions and such additional terms as may be set forth in the Bond Purchase Agreement. The City Council has determined that it is in the City's best interests to include the City's $34,640,000 General Obligation Public Improvement and Refunding Bonds, Series 1997A and $4,200,000 General Obligation Public Utility Refunding Bonds, Series 1997B (the "1997 Bonds") as part of the Prior Bonds described in the Resolutions and the City Manager and the Chief Financial Officer, or either of them, is authorized to provide for the refunding of the 1997 Bonds, if either such officer determines it to be in the City's best interests, on the terms set forth in the Resolutions. The principal amount of Refunding Bonds authorized to be issued under the Resolutions is hereby increased to $104,000,000.