Minutes 09/08/2009 - Laserfiche WebLink

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September 8. 2009 WHEREAS, a public hearing has been held on September 8, 2009 on the issuance of the Bonds, the pledge of the City's full faith and credit to secure the Payments and the granting of the Deed of Trust after due publication of notice in accordance with Sections 15.2-1813 and 15.2-2606 of the Code of Virginia of 1950, as amended. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Authorization of Bonds and Notes: Use of Proceeds. The City Council hereby determines that it is advisable to contract a debt and to issue the Bonds in one or more series to pay all or a portion of the Payments. The City Council further determines that it is advisable to contract a debt and to issue the Notes in one or more series in anticipation of the issuance of the Bonds. The issuance of the Bonds and the issuance and sale of the Notes are hereby authorized. The proceeds from the issuance and sale of the Notes and the Bonds shall be used to finance or refinance all or a portion of the Payments. 2. Pledqe of Full Faith and Credit. The full faith and credit of the City are hereby irrevocably pledged for the payment (a) of the Payments and (b) of the principal of, premium, if any, and interest on the Bonds and Notes as the same become due and payable. The City Council shall levy an annual ad valorem tax upon all property in the City, subject to local taxation, sufficient to pay the Payments and the principal of, premium, if any, and interest on the Bonds and Notes as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Details and Sale of Notes. The Notes shall be issued upon the terms established pursuant to this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. The Notes shall be issued in one or more series in fully registered form, shall be dated the date of issuance and delivery (or such other date as the City Manager and the Chief Financial Officer, or either of them, may approve) and shall be in minimum denominations of $5,000 or such larger denomination as may be approved by the City Manager and the Chief Financial Officer, or either of them. The Notes shall be issued upon such other terms as may be approved by the City Manager and the Chief Financial Officer, or either of them, including, but not limited to, the aggregate principal amount of each series of Notes, the prepayment provisions, the sale price and interest rate on each series of Notes, provided that the maturity of any Note shall be not more than five years from its date, the aggregate principal amount of the Notes shall not exceed $76,000,000 and the true interest cost of any series of Notes shall not exceed 5.0%. The City Manager and Chief Financial Officer, or either of them, are authorized to solicit bids or proposals for the purchase of the Notes and to accept the bid or proposal for the purchase of any series of Notes which such officer determines to be most advantageous to the City. Any Note may be extended or refinanced from time to time by or at the direction of the City Manager and Chief Financial Officer, or either of them, provided that no extension or refinancing matures later than five years after the date of the original issuance of such Note. 4. Form of Notes. The Notes shall be in substantially the form attached to this Resolution as Exhibit A with such appropriate variations, omissions and insertions as are permitted or required by this Resolution. There may be endorsed on the Notes such legend or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. 5. Appointment of Note Reqistrar and Pavinq Aqent. The Chief Financial Officer is appointed Note Registrar and Paying Agent for the Notes. The City Manager may appoint a subsequent registrar andlor one or more paying agents for any series of Notes by giving written notice to the owners of such Note specifying the name and location of the principal office of any such registrar or paying agent.