Minutes 01/23/2001 - Laserfiche WebLink

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January 23, 2001 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Authorization of Financinq and Use of Proceeds. The Council hereby determines that it is advisable to contract a debt and to issue and sell general obligation bonds or other general obligation financing of the City in the maximum principal amount of $11,500,000 (the "Financing"). The issuance of the Financing is hereby authorized. The Financing may be issued as general obligation bonds of the City (the "Bonds") or in the form of one or more financing agreements or cooperation agreements (collectively, the "Cooperation Agreement") securing revenue bonds to be issued by the Industrial Development Authority of the City of Portsmouth (the "Authority"). The proceeds from the issuance and sale of the Financing shall be used to pay all or a portion of the costs of the Projects, including costs associated with issuance of the Financing, in such amounts as shall be determined by the City's Chief Financial Officer. 2. Pledge 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 and payments due under any Cooperation 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 Bonds and payments due under any Cooperation 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 Bonds. The Bonds 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 Bonds shall be issued in fully registered form, shall be dated such date as the Chief Financial Officer may approve, shall be in denominations of $5,000 and integral multiples thereof and shall be numbered from R-1 upwards consecutively. The Bonds 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 dates and in such amounts as the Chief Financial Officer may approve, provided that the aggregate principal amount of the Bonds shall not exceed the amount set forth in paragraph 1 and the final maturity of the Bonds is not later than December 1, 2026. The City Manager and the Chief Financial Officer, or either of them, is authorized and directed to accept the bid for the purchase of the Bonds which results in the lowest true interest cost to the City or, in such officer's discretion, to execute and deliver a Bond Purchase Agreement providing for the sale of the Bonds upon such terms as such officer deems most advantageous. The Bonds shall bear interest, payable semi-annually, at such rate or rates and shall be sold to the successful bidder or underwriter at such price as may be set forth in the bid or Bond Purchase Agreement approved by such officer or officers; provided that the true interest cost of the Bonds shall not exceed 7.5% per annum and the purchase price shall be not less than 97% of the par amount of the Bonds. The City Manager and the Chief Financial Officer, or either of them, is authorized and directed to approve such optional or mandatory redemption provisions for the Bonds as such officer or officers may determine to be in the best interest of the City. 4. Form of Bonds. The Bonds shall be in substantially the form attached to this Resolution as Exhibit A, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution. There may be endorsed on the Bonds such legend or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. 5. Book-Entry-Only Form. The Bonds shall be issued in book-entry-only form. The Bonds shall be issued in fully-registered form and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC") as registered owner of the Bonds, and immobilized in the custody of DTC. One fully registered Bond in typewritten or printed form for the principal amount of each maturity of the Bonds shall be registered to Cede & Co. Beneficial owners of the Bonds shall not receive physical delivery of the Bonds. Principal, premium, if any, and interest payments on the Bonds shall be made to DTC or its nominee as registered owner of the Bonds on the applicable payment date.