Minutes 11/09/1993 - Laserfiche WebLink

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233 November 9~ 1993 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and so~ld Eleven Million Two Hundred Thousand ($11,200,000) aggregate principal amount of general obligation public improvement bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for the same purposes and in the same respective amounts as are specified in paragraph 3 with respect to the application of the proceeds of the Bonds. The Notes may be issued in their entirety at one time, or in part from time to time, at any time~ shall mature and be payable within five years from their dater and shall be sold at competitive or negotiated sale at no= less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof and payment therefor and on such other terms and conditions as are determined by the Director of Finance of the City. The City may sell all or part of the Notes alone or contemporaneously with any other general obligation notes or with any general obligation bonds of the City. There may be prepared and distributed a preliminary and a final Official Statement relating to any Notes in such form as shall be approved by the Director of Finance. The issuance and details of such Notes shall be governed by the provisions of Section 15.1-227.29 of Title 15.1, Chapter 5.1, Article 2 of the Code of Virginia, 1950, as amended, and Article I of Chapter 12 of the Code of the City. Each Note issued hereunder shall be accompanied by a certificate of the City Manager and the Director of Finance of the City in the form prescribed in Section 12-16 of the Code of the City. The provisions of paragraph 2 hereof shall apply to the Notes to the extent that same are not paid from the proceeds of the Bonds or from any other available funds. The sale of the Notes and the form and other details thereof shall be approved, ratified and confirmed by the resolution of this Council. Bonds in anticipation of which the Notes are issued must be issued and sold in accordance with this resolution not later than five years from the date of the original issue of the first Notes. 5. The City Attorney of the City shall be and hereby is directed to file a copy of this resolution, certified by the City Clerk of the City to be a true copy thereof, with the Circuit Court of the City of Portsmouth, Virginia, in accordance with Section 15.1-227.9 of the Code of Virginia, 1950, as amended. 6. This resolution shall take effect from the date of its adoption." Ayes: Clemons, Epperson, Griffin, King, Pitts, Webb Nays: Hawks 93-440 - Letter from the City Manager recommending adoption of a resolution requesting the Retirement Board to remove investment sanctions against the Republic of South Africa. "On October 8, 1985 City Council adopted a resolution which supported sanctions against the Republic of South Africa for the continued existence of apartheid in that country. The resolution urged the Board of Trustees of the Portsmouth Supplemental Retirement System and the Fire and Police Retirement System to make no investment of funds under their control in entities in the Republic of South Africa. On December 20, 1985, in compliance with Council's request, the Retirement Board divested assets in all companies who were not signatories to the Sullivan Principles.