Minutes 01/10/1989 - Laserfiche WebLink

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January 10, 1989 1. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, the same being the Public Finance Act, and the Charter of the City, for the purpose~ of providing funds to pay the costs .o'f public improvement projeots of the City as set forth in para'graph 3, there are hereby authorized %O be issued and sold ten million dollars ($10,000,000) aggregate principal amount of general obligation bo~ds of tke C~ty (th~ "BoLds,). As determined by resolution of the Council, or detar~ri~e~ the Director of Finance of the City which determination shall be approved 'or r~tf~ie'd b~ 'r~sol~tion of~ the~ p~io~ ~oo~at~:the time o~ sale of the ~p~rtic~.ar Bon'ds~::3the Bonds ma~- ~ s'o~d ~i~their e~tireky ~k ~ime~,~ fr~ time to time, at any time and the Bcnds of e~ck~ssue shall be in such form, be of such denomination, be payable at such time or times not exceeding forty (40) years f~om their date, be~r ~i~n~eres~ at a ~r~te~ or~ rat~s, no~-ex:ceed~n~ maximum r~e ~f int'erest authorized b~ l~w:~:~h~ ~i~e~%o~_ the sa~e of ~s~h bo'nds,~; be s01d in such ~nser.~and~ha~e ~ther detail~aS ~are deemed necessary or ad~i~able.~ ~T~,~i~ sell al~~ ~ pa~t ~o~-the ~Bonds along or ~ contemp~raneo~ty ~i%h ~y 'other. :~ra~l:'~I~ation bonds o~ ~with an~ ge~e~-a~t 2. The ~ull faith and credit of the City shall ~ and hereby is irrevocably pledged to the payment of the principal of a~nd i~Eerest'on the Bonds as the s~ame become d~e. year while the ~nds, or any o~ them, are~ou~s:~nd:in~and[ unpaid, there shall ~e assessed, levied and co~lected~ upon all proper~y w~thin Eh~ City subject to taxation by the City a tax suffid~en~o p~ov~de for the payment' of~ the ur~ncig~:~of and intere~h~n.~he~onds ~s the same become ~ue. )} 3. T~e p~oceeds of sale of ~he Bond~ shall be a~ied to the pa~ o~ the costs of the publfC improv~men~ described ~el~w'i~ substantially the ~am~nts ~k f~or~h:-opposite the deScri~ions of.the PROJECTS respective projects: Drainage, Curb, Gutters and Street Improvements Education Urban Renewai and Priority Action Program Industrial:and Economic Development Parks an:d Recreation Publi~'Safet~~' Municipal Facilities and Community Services TOTAL provided, that if any such project shall entire respective amount set forth above, the difference may applied to pay the cost of any other pro3ect so set forth. AMOUNT $1 ~14!9 ~ 750 5,45~,000 1,550,000 4~0,000 ~ 9,4~7,850 ~, 5~0,000 400 $10,,000,000 require les~ than the be