Minutes 01/23/2001 - Laserfiche WebLink

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January 23, 2001 New Bonds delivered upon any transfer or exchange shall be valid obligations of the City, evidencing the same debt as the Bonds surrendered, shall be secured by this Resolution and entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. 10. Charges for Exchanqe or Transfer. No charge shall be made for any exchange or transfer of Bonds, but the City may require payment by the registered owner of any Bond 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 Bond. 11. Details of Cooperation Agreement. The City Manager and Chief Financial Officer, or either of them, are authorized and directed to request the Authority to issue revenue bonds payable from payments made under the Cooperation Agreement to finance such portion of the costs of the Projects as such officer deems appropriate. The payments due from the City to the Authority under the Cooperation Agreement shall be due in such amounts and on such dates and may bear interest at such rate or rates as the Chief Financial Officer may approve provided that the total principal amount of such payments combined with the principal amount of the Bonds shall not exceed the maximum amount set forth in paragraph 1 and the term of any Cooperation Agreement shall not exceed approximately 25 years from its date. The City Manager is authorized to execute and deliver the Cooperation Agreement. 12. Non-Arbitraqe Certificate and Tax Covenants. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to execute a Non- Arbitrage Certificate and Tax Covenants setting forth the expected use and investment of the proceeds of the Bonds and containing such covenants as may be necessary in order to comply with the provisions of the Code, including the provisions of Section 148 of the Code and applicable regulations relating to "arbitrage bonds." The Council covenants on behalf of the City that all of such proceeds will be invested and expended as set forth in the City's Non-Arbitrage Certificate and Tax Covenants and that the City will comply with the other covenants and representations contained therein. 13. Disclosure Documents. The Chief Financial Officer and the City Manager, or either of them, and such officers and agents of the City as either of them may designate are hereby authorized and directed to prepare, execute, if required, and deliver an appropriate notice of sale, preliminary official statement, official statement or such other offering or disclosure documents as may be necessary to expedite the sale of the Bonds or as may be necessary in connection with any bonds secured by a Cooperation Agreement. The notice of sale, preliminary official statement, official statement or other documents shall be published in such publications and distributed in such manner and at such times as the Chief Financial Officer shall determine. The Chief Financial Officer is authorized and directed to deem the preliminary official statement with respect to the Bonds "final" for purposes of Securities and Exchange Commission Rule 15c2-12. 14. Continuin,q Disclosure. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to enter into a Continuing Disclosure Agreement for the benefit of the owners of the Bonds to assist the underwriter for the Bonds in complying with the provisions of Section (b)(5) of Securities and Exchange Commission Rule 15c2-12 and, if required, in connection with any Cooperation Agreement. 15. Further Actions. The City Manager and the Chief Financial Officer and such officers and agents of the City as either of them may designate are authorized and directed to take such further action and to execute and deliver such additional agreements, documents and certificates as they deem necessary regarding the Financing and all actions taken by such officers and agents in connection with the Financing are ratified and confirmed. 16. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the Public Finance Act of 1991, Chapter 26, Title 15.2, 1950 Code of Virginia, as amended, (the "Act"), the City Council elects to issue the Bonds and any Cooperation Agreement pursuant to the provisions of the Act. This Resolution shall take effect immediately." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None