Minutes 06/08/2004 - Laserfiche WebLink

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June 8, 2004 A new Note delivered upon any transfer or exchange shall be a valid obligation of the City, evidencing the same debt as the Note surrendered, shall be secured by this Resolution and entitled to all of the security and benefits hereof to the same extent as the Note surrendered. g. Charges for Exchanqe or Transfer. No charge shall be made for any exchange or transfer of any Note, but the City may require payment by the registered owner of any Note of a sum sufficient to cover any tax or other governmental charge which may be imposed with respect to the transfer or exchange of such Note. 9. Further Actions. The City Manager and the Chief Financial Officer of the City and such officers and agents of the City as either of them may designate are authorized and directed to take such further action as they deem necessary regarding the issuance and sale of the Note and all actions taken by such officers and agents in connection with the issuance and sale of the Note are ratified and confirmed. ]0. Effective Date: Applicable Law. This Resolution shall take effect on the date of its adoption. The City Council elects to issue the Note pursuant to the provisions of the Public Finance Act of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended, in accordance with Section 15.2-2601 of such Act." Ayes: Benn, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 04 - 221 - Adoption of a resolution authorizing the issuance and sale of Lease Revenue Bonds through the Industrial Development Authority (IDA) in the maximum aggregate amount of $5,200,000 to finance the cost of the acquisition, construction, equipping and renovation of the City Department of Behavioral Healthcare Services Facility with an IDA Lease Financing. Recommendation: · Adoption of resolution authorizing a general obligation financing and requesting the Industrial Development Authority (IDA) to issue Lease Revenue Bonds in the aggregate principal amount of $5,200,000. Purpose and Need: · The City proposes to finance the cost of the acquisition, construction, equipping and renovation of the City's Department of Behavioral Health Services Facility (the "Facility") with an IDA Lease Financing. · The IDA will act as the issuer of the Bonds. · The City will lease the Facility from the IDA, making rental payments equal to the debt service on the IDA's bonds. · The City's lease payments will be a general obligation of the City. · The City can obtain reimbursement from the State for lease payments made to the IDA. Financial Impact: · The City will make annual lease payments of approximately $354,000 until FY 2030 as a result of this financing. The City expects to receive reimbursement from the Commonwealth of Virginia for these lease payments.