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408
<br />
<br />October 23, 1990
<br />
<br /> WHEREAS, there are no funds in the treasury of the City
<br />applicable to the payment of the costs of such projects and,
<br />accordingly, it is necessary to authorize the issuance of four
<br />million, five hundred fifty thousand dollars ($4,550,000)
<br />aggregate:~Pri~c~a.1 a~ou~t of general obligation bOndS of the
<br />City to pay such costs and in anticipation thereof to authorize
<br />and provide for the issuance a~d sale of general obligation bond
<br />an~icipatio~ ~ndt~es~ and ~- ~ . :~
<br />
<br /> WR~'REKS, ;~a ~uhtli-c ~earing has been held with respect ~to
<br />the adoption of Ehis Resolution on October 9, ~1990 as required
<br />by and in ~ac¢ordance with ~15.1-171.1 of the Code of Virginia,~
<br />1950, as amended~ ~ '~ ~' ~ ~ : , >~
<br />
<br /> NOW~THEREF©~RE; BE IT~RESOLVED by the Council-of the City
<br />of Portsmouth,~ Virginia:
<br />
<br /> 1. 'Pursuant to Chapter 5 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 pub~i~'~i~p'~v~ment~'projects of the City as set:~forth in.
<br />paragraph 3, there arc-hereby authorized to be issued and sold
<br />four million, five hundred fifty thousand dollars ($4,550,000)
<br />aggregate ~ineiPaI~amount of general obligatiOn~bonds of the
<br />City (the "Bonds")~ As determined by resolUtion of the Council,
<br />or determined by the Director of Finance of the City which
<br />determination shall he'approved or ratified by resolutiOn of the
<br />Council adopted prior to or at the timeof sale of the
<br />pgrticular Bonds: the Bonds may be Sold in their entirety at
<br />one time, or in,part from time to time; at any time and the
<br />Bonds of each issue shall be in such form, be of such
<br />denomination, be payable at such time or times not exceeding
<br />forty (40) years fro~ their date, bear interest at a rate or
<br />rates not exceeding the maximum rate of interest authorized by
<br />law at the time of the sale of such bonds, be sold in such
<br />manner ~nd have such~other details as are deemed necessary or
<br />advisabi~%' Th~ City, may sell all or part of the Bonds along or
<br />contemporaneously with any other general obligation bonds or
<br />with any general obligation bond anticipation notes of the City.
<br />
<br /> 2. The full faith and credit of the City shall be and
<br />hereby is~irrevocab~y~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 0utstanding~ and unpaid,
<br />t~ere shall be assessed, levied and collected, upon all property
<br />w~thin the City subject to taxation by the City a tax sufficient
<br />to provide for the payment of the principal of and interest on
<br />the Bonds as the same become due.
<br />
<br /> 3.~ ~The proceeds of sale of the Bonds shall beapplied to
<br />the payment~ of the ~osts of the public improvement projects
<br />described below in substantially the amounts set forth opposite
<br />the descriptions of the respective projects:
<br />
<br />PROJECTS AMOUNT
<br />
<br />Drainage, Curb, GUtters and
<br /> Street.~Imp~ovements
<br />Education.~ ~
<br />Industrial and Economic DevelOpment
<br />Parks and Recreation
<br />Public Safety
<br />Municipal Facilities and Community
<br /> service'S!
<br />
<br />$1,452,500
<br />974,370
<br />1,750,000
<br />100,000
<br />150,000
<br />
<br />123,130
<br />
<br />TOTAL $4,550,000
<br />
<br />provided, that if any such project shall require less than the
<br />entire respective amount set forth above, the difference may be
<br />applied to pay the cost of any other project so set forth.
<br />
<br />
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