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533
<br />N~vem~ t0, 1992
<br />
<br /> · W~REAS, a public hearing has been held with ~respect to the
<br /> adoption~of ~this Resolution on November 10, 1992,-as~required by
<br /> and in accordance with Section 15.1-227.8 of the Code~of Virginia,
<br /> 1950, as amended.
<br />
<br /> NQW~ THEREFORE, BE IT RESOLVED by the Council of the City of
<br /> Portsmouth, Virginia: -
<br />
<br /> 1. Pursuant to Chapter 5.1 of Title 15.1 of the Code of
<br /> Virginia, the same being the~Public Finance Act, and the Charter
<br /> of the City, for the purpose of providing funds to pay the costs
<br /> of public improvement projects of the City-as set forth in
<br /> paragraph 3, there are hereby authorized to be issued and sold Ten
<br /> Million Dollars ($10,000,000)aggregate principal· ' amount of
<br /> general.obligation bonds of the City (the "Bonds"). As determined
<br /> by resolution of the Council, or determined by the Director of
<br /> Finance of
<br /> the City which determination shall be approved or
<br />ratified by resolution of the Council adopted prior to or at the
<br />time-of sale of the particular Bonds: the Bonds may be sold in
<br />their entirety at one time, or in part from time to time, at any
<br />time and the Bonds of each issue shall be in such form, be of such
<br />denomination, be payable at such time or times not exceeding forty
<br />(40) years f~om their date, bear interest at a rate or rates not
<br />exceeding th~ maximum rate of interest authorized by-law at the
<br />time,of the.sale of such bonds, ~be sold in.such manner and have
<br />such other d~tails as are deemed necessary-~or advisable. The City
<br />may sell all or part of the Bonds along or contemporaneously with
<br />any Other general obligation bonds or with any general obligation
<br />bond anticipation notes of the City.
<br />
<br /> ~2~ · · The full faith and credit of the City shall be and
<br />hereby is irrevocably pledged to the payment of the principal of
<br />and interest on the Bonds as the same become due. In each year
<br />while the Bonds, or any of them, are outstanding and unpaid, there
<br />shall be assessed, levied and collected, upon all property within
<br />the City subject to taxation by the City a tax sufficient to
<br />provide for the payment of the principal of and interest on the
<br />Bonds as the same become due.
<br />
<br /> 3. The proceeds of sale of the Bonds shall be applied to
<br />the p&yment of the costs of the public improvement projects
<br />described below in substantially the amounts set forth opposite
<br />the descriptions of the respective prcjects:
<br />
<br />PROJECTS AMOUNT
<br />
<br />Drainage, Curb, Gutters and
<br /> Street Improvements
<br />Education
<br />Industrial and Economic Development
<br />Parks and Recreation
<br />Public Safety
<br />Municipal Facilities and Community
<br />Services
<br />
<br />$1,115,000
<br />5,000,000
<br />
<br /> 1,400,000
<br /> 1,250,000
<br />
<br />1,,235,000
<br />
<br />TOTAL
<br />
<br />$10,000,000
<br />
<br />provided, that if any such project shall require less than the
<br />entire rgspective amount set forth above, the difference may be
<br />applied~to pay the cost of any~other project so set forth.
<br />
<br /> 4. In a~ticipation o~ the issuance of the Bonds and the
<br />receipt of t~e proceeds hhereof, there are hereby authorized to be
<br />issued and s~ld Ten Million Dollars ($10,000,000) aggregate
<br />principal amount of general obligation bond anticipation notes
<br />
<br />
<br />
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