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414 <br /> <br />~pril 11, 1989_ <br /> <br /> Motion of Mr. Gray and seconded by Mr. Barnes, the <br />following resolution was _adopted.and by~ the following vo~e: <br /> <br /> "RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO E~[CEED <br /> $243,915~4~1 'GEN~~ OBLIGATIOi%~SC~OOL~ BONDS, EDUCATIONAL <br /> TECHNOLOGY' SERIES, OF ~HE CITY QF PORTSMOUTH,~ VIRGINIA TO <br /> BE ~SOLD TO T~E~IR~I~ PU~L~.S~O~ ~U~ORI~ ~D <br /> SETTING FORTH THE ~ AND~TAILS THEREOF AND AUTHORIZING <br /> P~RTI~PATION ~ IN. ~THE~%~i[ STaTE~ NOM~BIT~GE. ~ <br /> <br /> WHEREAS, the .~i~y Counc~t (th~ ~C~uncl~, <br />Ports~uth, V~=gInI~ (the ~Clty )~has dete~lned~th~t <br />necessary and e~ed&en~- %o~ borrow not t0 <br />to issue its gpn~ra~ Obligation school ;bonds for ~he financing <br />of the u~=hase~f~.&q~.~p~h{~'for sch601 purposes through ~he <br />Govern~r ~ s ~ Educa~i~on~l~(~T~=hnolog~ ~ Initiative ~Brocureme~t and <br /> <br />. WHER~S, ~t~e:C.i'~y held a'public hearing on~pr~l-~!~,~1989 <br />on the is~an~e~'of the~B0nds (as defined below)in accordance <br />with the Yeq~ments of Sections i§.1-171.1 and 15~1~504, Code <br />of virgi~ia~ l~.,~S~iam~nd~d~ ' ~ ~ <br /> <br /> NOW, THEREFORe, BEFIT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF PORTSMOE~TH,!~VI~RGINIA: ~ ~ <br /> <br /> 1. Th~ <br />~6~iY~er~by ~et~ines_thatit is~ad~isable 'to~co~tra~ a <br />debt and issue~and~sel~ bonds-tn the at, cunt of..no~ t~-exceed <br />$243,915.4t (th~BondS,i~ifor the purpose of'~inahcing the <br />purchase o~ equipment f~r school purposes~through~'the~ <br />Governor~SEdue~ional~Technology~Initia~ive~Procurement ~d <br />~inanclng_Progr.~%2%The l~ssuance~an~sale of the BoDds~ln:~he <br />~orm and~uPpn~he.t%rms.es~ab!ished p~rsuant to this Resolution <br /> <br /> 2. Sale ~f the B~nds. It is determined to be i~n the bes~t <br />~hterest of th~ City. re sei'~i~theiBonds to the Virginia Public <br />Sch0oi"A6~h0ri~!'(~,'}' ~t<~ar,-upo~ the terms established <br />pursuant' to thin, Resolution. The appropriate eff~ce~s of the <br />City are hereby a~h0rized and directed to.'sel.1 the~ Bonds-to <br /> <br /> 3. Details-~:~the Bon~s. The Bonds shall be iss~able in <br /> f%~ k~istered.~fo~m; shall 5~-'date~dLthedate of issuance and <br /> shall be des~nated. Cxty Of Portsmout5 <br /> General ObligatiOn tSc~oo,1 Bonds, Educational TechnologF <br /> Series"; shall ~ea~-inter~st p~Fab&~.semf~nnu~lI~ on:Jun~.l,5 <br /> and December 15.(ea~ an In~ere~- Pa~ent Da~e,), begl-nning <br /> Decemb~ 15, 1989,.~t the rates es~lished ~n aac~rdance with <br /> paragraph 4 of t~i~R~sol~ion; ~d the~principa~ a~ou-nt of %he <br /> Bonds shall be payable, insemi-ann~a~..instal~men~s on the_dates <br /> (each a "'Principa~Pay~en~ Dat'e~) and~in the amounts <br /> established in a~cord~nce~i~.'p~ragraph~4 of th:i~. Resolu%~en. <br /> The Bonds shatl be:i~Sued as a single, typewritten bond <br /> subs~antiaily in the <br /> TM fform a~6ached~h~re~o?'as-Exhi~bi%' A. <br /> <br /> 4. I~terest 'Rates; P~incipal Installments~ ~ (a) The <br />Mayo~'-~ the City £s hereby ~u~horized and'd"ire6te~ to accep~ <br />~he ~i'nt~'e~~ ~'6e[ ~<:~t~ '~ ~h~'~6~d~' est~bl'ish~d~ by VPSA,/. <br />provided that no such?'interest rate or nates sha~l be more than <br />sixty-five one hundredths of one per. cent [65/100 of 1~) over <br />the annual rate to be paid by VPSA for the corresponding <br />~turity on the .bonds to,be issued'~y VPSA~ the ;proceeds~of <br />t~ch will be u~ed to purchase.the Bonds .(the "VPSA Bon~s3'~, <br /> ~' provided further, tha~ no interest rate:of the. Bonds shall <br /> ~6eed nine percent.(9%) per amnum, and the execution and <br /> delivery of the Bonds as described in Section 6 hereof shall <br /> conclusively evidence the same as having been approved and <br /> authorized by this Resolution. <br /> <br /> <br />