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April 1, 1992
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<br /> 10. (a) The form o~ the Escrow Deposit Agreement, dated as
<br />1992 (the '~scrnw Deposit Agreement"), by-and b~twea~ the City and The Chase ManhatA~n
<br />Baal~ N.A., as Escrow Agent (the "Escrow Aganf'), presented to and flied with the minutes
<br />of the meeting of the Council at which this resolution is being adopted, and the terms,
<br />conditions and provisions thereof, are hereby approved, ratified and confirmed hy the
<br />Council,_ancl the City Manager is hereby authorized and directed to execute and deliver to
<br />the Escrow Agorot the Escrow Deposit Agreement in substantially such form, together with
<br />such changes as shall be approved by the City Manager upon the advice of counsel
<br />(including the City Attorney and Bond Counsel), such approval to be conclusively evidenced
<br />~by. his execution thereof.
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<br /> Co) The appointment of The Chase Manhattan Bank, N.A., as Escrow
<br />Agent under the Escrow Deposit Agreement is hereby approved, ratified and confirmed by
<br />the Council.
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<br /> (c) The City Manager and the Director of Finance of the City, or either
<br />of them, are hereby authorized to execute, on behalf of the City, subscriptions for United
<br />States Treasury Obligations - State and Local Government Series, to be purchased by the
<br />Escrow Agent from moneys deposited in the 1992 Escrow Deposit Fund created and
<br />established under the Escrow Deposit Agreement. Such United States Treasury Obligations
<br />- State and Local Government Serins so purchased shall be held by the Escrow Agent under
<br />and in accordance with the provisions of the Escrow Deposit'Agreement.
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<br /> (d) The Council hereby designates the Refunded 1975 Port Improvement
<br />Bonds for redemption on May 8, 1992 in accordance with the provisions of the
<br />aforementioned resolutions authorizing the issuance of the Port 1975 Improvement Bonds
<br />adopted by the Council on September 29, 1970 and October 10, 1975 and authorizes the
<br />City Manager and the Director of Finance to take all such actions as they shall be deem to
<br />be necessary or desirable to effect the redemption of the Refunded 1975 Port Improvement
<br />Bonds on such date.
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<br /> tl. T~ne action of the City Manager, the Director of Finance and other
<br />officials, employees, agents and attorneys of the City in negotiating the sale of the Bonds,
<br />and all actions and proceedings heretofore taken by the Council, the City Manager, the
<br />Directur of Finance and the other officials, employees, agents and attorneys of the City in
<br />connection with the authorization, issuance and sale of the Bonds (including the preparation
<br />and distribution of the Preliminary Official Statement relating to the Series 1992 Bonds) are
<br />hereby ratified, confirmed and approved.
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<br /> 12. The Director of Finance is directed to hold the good faith cheek
<br />submitted by the Uaderwriter at the time of the execution of the Purchase Contract and to
<br />return such good faith check to the Purchasers at the time of the delivery of and payment
<br />for the Bonds or othemase to apply such check in accordance with the terms oftbe Purchase
<br />Contract.
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<br /> 13. Thc City Att°rney of the City is directed t o file a copy of this resolution,
<br />certified by the City Clerk of the City to be u true copy hereof, with the Clerk of the Circuit
<br />Court ~f the City of Portsmouth.
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<br /> 14. All ordinances, resolutions and proceedings in conflict with the
<br />provisions of this resolution are, to the extent of such conflict, hereby repealed.
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<br />15. Thh resolution shall take effect from the date of its adoption.
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<br />Ayes: Clemons, Corprew, Epperson, King, Hawks, WilliamS, Webb
<br />Nays: None
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<br />(b) Motion of Mr. Hawks and seconded by Mr. Clemons, the
<br />following resolution was adopted, and by tke following vote:
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<br /> A RESOLUTION AUTHORIZING 'THE ISSUANCE OF
<br /> FOUR MILLION EIGHT HLr/qDRED THIRTYTHousAND
<br /> DOLLARS ($4,830,000) PRINCIPAL AMOUNT OF
<br /> GENERAL OBLIGATION PUBLIC UTILITY REFUNDING
<br /> BONDS, SERIES 1992, OF THE CITY OF PORTSMOUT~
<br /> VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS
<br /> TO REFUND IN ADVANCE OF THEIR STATED
<br /> MATURITIES AND REDEEM CERTAIN PREVIOUSLY
<br /> ISSUED AND OUTSTANDING GENERXL OBLIGATION
<br /> PUBLIC b'l ILITY BONDS OF SUCH CITY; APPROVING
<br /> THE SALE OF SUCH BONDS AND AUTHORIzING TH~
<br /> EXECUTION AND DELIVERY OF A PURCHASE
<br /> CONTRACIf RELATING TO THE SALE OF SUCH BONDS;
<br />. FIXING THE FORM OF SUCH BONDS; AUTHORIZING
<br />THE EXECUTION OF AN OFFICIAL STATEMENT
<br />RELAThNG TO SUCH BONDS; APPROVING THE FORM
<br />AND AUTHORIZING THE EXECUTION AND DELIVERy
<br />OF AN ESCRQW DEPOSIT AGREEMENT RELATING TO
<br />SUCH REFUNDED PUBLIC UTILITY BONDS; AND ;
<br />DESIGNATING SUCH REFUNDED PUBLIC UTILITY
<br />BONDS FOR REDEMPTION
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