Minutes 11/09/1993 - Laserfiche WebLink

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282 November 9L 1993 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code of Virginia, the same being the Public Finance Act of 1991, and the Charter of the City, for the purpose of providing funds to pay the costs of public improvement projects of the City as set forth in paragraph 3, there are hereby authorized to be issued and sold Eleven Million Two Hundred Thousand Dollars ($11,200,000) aggregate principal amount of general obligation bonds of the City to be designated and known as "City Portsmouth, Virginia, General Obligation Public Improvement Bonds", (the "Bonds"). As determined by resolution of the Council, or determined by .the Director~0f Finance of the City which determination shall be approved or ratified by resolution of the Council adopted prior to or at the time of sale of, the particular Bonds:- the Bonds maybe-sold in their entirety at one time, or in part from time to time, at any time and the Bonds of each issue shall be in such form, be of such denomination, be payableat such time or times not exceeding forty (40) years from their date, bear interest at a rateor rates not exceeding the maximum rate of interest authorized by law at the time of the sale of such bonds, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or part of the,Bonds-along or contemporaneouslywith any other general obligation'bonds or with any general obligation bond anticipation notes of the City. 2. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due.~ In each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, levied and collected, upon all property within the City subject to taxation by the City a tax sufficient to provide for the payment of the principal of and interest on the Bonds as the same become due. 3. The proceeds of sale of the Bonds shall be applied to the payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descriptions of the respective projects: AMOUNT Drainage, Curb, Gutters and Street Improvements Education Industrial and Economic Development Leisure Services Public Safety Municipal Facilities Total PROJECTS $2,357,500 5,000,000 1,200,000 200,000 905,000 1,537~500 $11,200,000 provided, that if any such project shall-require less than the entire respective amount set forth above, the difference may be applied to pay the cost of any other project so set forth.