Minutes 04/11/1989 - Laserfiche WebLink

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~pril 11, 1989 (b) The principal amount of the Bonds shall be payable in nine (9) semi-annual installments the first of which shall be due December 15, 1989, and the remaining installments semi-annually thereafter. The Mayor of~ the City is hereby authorized and directed to establish the principal amount of the Bonds not to exceed $243,915.41 and to accept the amortization schedule on the Bonds established by VPSA, provided that debt service 'off the~ Bonds from their da%ed date until the end of the .first fiscal year (1989-1990) shall not exceed the amount apurop~iated .by th~ General Assembly from the Literary Fund therefor, and provided further, that debt service on the Bond~s ~rqm.:the second fisc~al year to the fifth fiscal year shall be approximately level, subject to th'e actual rate or rates of interest on~ the '~PSA Bonds, and the ~xecution and delivery of the Bonds as described in Section 6 hereof shall conclusively evidence ~the same as'having been approved and authorized~by this Reselut on. · D' 5. Payment; Paying Agent and Registrar. The ~rector of '~F~nance~b~ the city is hereby designated as' Bo~ ~ggistrar and Paying Agent for the B0nds ahd the following prov~sions shall apply-. (a) Ail payments of principal of and interest on the Bonds shall be made in i~mediately available ~unds to-VPSA at or before 11:00 a.m~ on the applicable Interest Payment Date and Principal Payment Date~ or if~s~ch 'date is not a business date for Virginia banks or ~or the Commonwealth of Vir~inia,_then~at or before 11:00 a.mo o~ th~ business day preceding such Interest Payment Date and Principal Payment Date; and (b) Ail 'overdue payments of principal or intere'st shall bear interest at the applicable ~nterest rate or'rates on the Bonds. 6. Execution ~f the BondS. The Mayor or Vice~ayo~ and the C~'rk ~-any Deputy Clerk of the~'coun¢il are authorized and directed ~o execut~ and deliver the Bonds-in, an aggregate principal amount not to exceed $243,915'.41 and~to affix, th~ seal of~the Ci.ty thereto. 7. Use of Availabl.e M~neys; Ple~e ~f Full Faith (a) The C~R~ncil~h'~reby appropriates and directs that~ all ~in~ome realized from the investment and reinvestment of the proce!~ds of the Bonds and not 'required to be re~ated to the United States pursuant %o the provisions of the Internal Regenue Code ~ 1986, as amended ("Investment Income"), shall b~ credited t~ a s~inking fund for th~ Bonds. The Council hereby further direc%'s tkat, as directed by a designated representat, ive of VPSA, on each I~nterest Payment Da~e, the Director of F' lnan~e shall apply, or cause 'to be applied, such Investment Income to the payment Qf int~eres~.~n the Bonds~ (b) The Council further appropriates a~directs that i~mediateIy after the application Of the Investment Income as provided ~n subparagraph (a) above, the ~ ~r~e~or of F~n.ance shall apply~ or cause to be appl~ed,~so mucn, ~ any, of the funds appropriated by the General Assembly from the L~terar~ Fund or otherwise for such purpose to,~or for the be~efi~ of, the City to the payment of principal and interest due on theBonds on the-next Principal Payment Date and Interest Payment ~ts.