Minutes 01/14/1992 - Laserfiche WebLink

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January 14, 1992 (g) All transfers or exchanges pursuant to this paragraph shall be made without expense to the regmtered owner of such Bunds, except as oga~ hereia t~o~led, and except that th~ registrar shall require the payment by the re. stereO.s, net of hhe Bond requesting such transfer or exchange of any t~x or other govern~nemal c-har~s ~eqalred to be paid with respect to such transfer or exchange. Att Bonds surrendered pursuant to this paragraph shall be cancelled, 4. The full faith and credit of the City shall be and hererr] is irrevocably pledged to the punctual payment of the principal of and interest on the Bonds as the same respectively become due and payable. In each year while the Bonds, or any of them. are omstanding and unpaid, there shall be assessed, levied and collected, at the same time and in the same manner as other taxes in the City are assessed, levied and collected, an ad valorem tax upon all property subject to taxation by the City, without limitation as to rate or amount, sufficient to provide for the payment of the principal of and interest on the Bonds as the same respectively become due and payable. 5. CUSIP identification numbers may be printed on the Bonds. but no such number shall constitute or be deemed to be a part of the contract evidenced by the partinular Bond upon which it is printed and no liability shall attach to the CJiy or any officer or agent thereof (including any paying agent for the Bonds) by reason of such numbers or any use made thereof (including any use thereof made by the City, any such officer or any such agent) or by reason of any in~.ccuracg, error or omission with respect thereto or in such use. All expeases in relation to the printing of such numbers on the Bonds shall be paid by the Ci~y including the CUSIP Sen/ce Bureau :barge for the assignment of such numbers, 6. The-City covenants that it shall comply with the provisi~as of Sections 103 and 141-150 of the Internal Revenue Code ~f 1986 and the Treasury Regulations promulgated or proposed rd be promulgated thereunder, applicable to the Bonds. throughout the term of the Bonds. 7. The proceeds of sale of the Bonds shall be applied to the payment of the costs of the following public improvement projects in substantially the respective amounts: Drainage, Curbs, Gutters and Street Improvements Education Priority Action Program Industrial and Economic Devainpment Parks and Recreation Public Safety Municipal Facilities and Community Se~wices Total $ 3,354.554 I1,473.132 371.279 3,154.022 1.334.537 639,31~. .2,708,165 $23~035~000 If any project set forth above shall require les*s than the entire respe~ave amount so set for~ above, the difference may be applied to any of the other projects so set forth. 8. The Bonds shah be sold in one or more series in accordance witfi the provisions of paragraph 1 at public or private sale, as determined by the City Manager, at such price and on such other terms and conditions as are determined by the City Manager. The sale and the rtefiditive details of the Bonds shall be approved, ratified and confirmed by resolution of this Council. ff the Bonds of any series are to be sold at public sate. the City Manager of the City is authorized to cause to be published and distributed a notice of sale of sucu series of thy Bonds, or, in lieu of publishing the full text of such notice of sale. to publish a summary thereof, such publication to be made in The Bond Buyer, a financial newspaper published in the City of New Y~rk. New York, with the date of the- first publication to be at least seven [7) days prior to the date of sale of such series of the Bonds, and the City · Manager m further authorized to Cause to be prepared and distributed a preliminary and a final Official Staremem relating to each series of the Bonds. 9. The Bonds. the certificate of authentication of the registrar, and the assignment endorsed on the Bonds, shall be in suPsmntially the following forms set forth below with such changes in format as may be appropriate lc~canform with customs and practices appllcabhi rd COmparable securities: UNITED STATES OF AI~E. _ RICA COMMONWEALTH OF V~Gffm% - CITY OF PORTSMOUq~ GENERAL OBLIGATION PUBLIC IiMPROVEMENT ~OND SER/ES REGISTERED Nd.R- MATUR/TY DATE OF DATE : BOND : REGISTERED $ 215