Minutes 10/23/1990 - Laserfiche WebLink

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October 23, 1990 4. In anticipation of the issuance of the Bonds ~nd the receipt the proce~ds thereof, there are hereby authorized to be issued sold four million, five hundred fifty thousand dollars ($4,55G 00) aggregate principal amount of general obligation bond antici ion notes of the City (the "Notes"). The proceeds of the Notes ~11 be applied for the same purposes and in the same respec e amounts as are specified in paragraph. 3 with respect to the ap~ cation Of the proceeds of the Bonds. The Notes may be issued their entirety at one time, or in part from t%me to time, any tim~; shall mature and be payable within two years from date; and shall be sold at competitive or negotiated ] · sale at less than par p_us interest accrued thereon from the date t~ to the date of the delivery thereof and payment and on such other terms and conditions as are determined by the rector of Finance of the City. The Cit? may s~ll all or part of he Notes alone or contemporaneously wit%. any o~her genera] bligation no,es or with any general oblSgation bonds of the Cit There may De prepared and distributed a preliminary and a final fficial Statement relating to any Notes_in such form as shall approved by the Director of Finance. The issuance and such No'es s'h~ll be governed by the p~ovisions of Sectior .1-223 of Title 15.1, Chapter 5, Article 7 of the Code of a, 1950, as amended, and Article I of Chapter 11 of the Code o] he City. Each Note issued hereunder shall be accompanied by a c~ ~ificate of the City Manager and the Director of Finance of the in the form prescribed in Section 11~17 of the Code of the Cit he provisions of paragraun 2 hereof snall apply to the Notes ~he extent that same are not paid from ~he pro~eeds of the or from any other available funds. Th9 s~le of the Notes the form and other details thereof shall oe a9proved, and confirmed by the resolution of this Council.~ Bonds in anticlpation of which the Notes are issued must be i~.sued and sold i9 ~ccordance with this resolution not late~ than ive years of the d~te-'of the original issue of the first Notes. / 5.The ~City Attorney of the City shall be.and he 'eby is direct~}d}to file a copy of this resolution., certified b~ the City 9flthe City to be a true copy thereof, wit~ ~he C~ rcuit ~flthe City of Portsmouth~ Virginia, and SUCh Cit~ Clerk be/~and hereby is directed to publish once ~ithin ten (10) ,f ~he date of filing ?f such resolution a ~otice With ~ ~hereto in the Virginian Pilot, a newspaper of ~eneral ~t on in the City, in accordance with Sectlon ~15.1-199 of of Virginia, 1950, as amended. Such no'ice shall be in Clerk Court shall days c respect circul~ the Co¢ ally the following form: "LEGAL NOTICE Code o~ of Por~ author] time t¢ ($4, bonds s~le of iss~ resolu! T~ to the descri~ the de~ ce is hereby given pursuant to Section 15.1~19~ of ~he ir§inia, 1950, as amended, that the Council of the uity , Virginia, adopted on October 9, 1989, a resolution the issuance, as a wh~le at one time or in. part from , four million, five nundred fifty thousand ~dollars 00) aggregate principal amount of general obligation further authorizing and providing for :he issdance and eneral obligation bond anticipation notes in a~tlc~patlon ce of such bonds and caused a certified copy o~ such n to be filed with the Circuit Court of the City of h on ~' , 19 - -' ' 1 ~roceeds of sale of such bonds and note~ shal be applied of the costs of the public improvement projects below in substan~tially the amounts set forth opposite iptions of the respective projects: