Minutes 01/10/1989 - Laserfiche WebLink

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317 January~10, 1989 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold ten million dollars ($10,000,000) aggregate principal amount of general obligation bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for the same purposes and in the same respective amounts as are specified in paragraph 3 with respect to the application of the proceeds of the Bonds. The Notes may be issued in their entirety at one time, or in part from time to time, at any time; shall mature and be payable within two years from their date; and shall be sold at competitive or negotiated sale at not less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof and payment therefor and on such other.terms and conditions as are determined by the Director of Finance of the City. The City may sell all or part of the Notes alone or contemporaneously with any other general obligation notes or with any. general obligation bonds of the City. There may be prepared and distributed a preliminary and a final Official Statement relating to any Notes in such form as shall be approved by the Director of Finance. The issuance and details of such Notes shall be governed by the provisions of Section 15.1-223 of Title 15.1~ Chapter 5, Article 7 of the Code of Virginia, 1950, as amended, and Article I of Chapter 11 of the Code of the City. Each Note issued hereunder shall be accompanied by a certificate of the City Manager and the Director of Finance of the City in the form prescribed in Section 11-17 of the Code of the City. The provisions of paragraph 2 hereof shall apply to the Notes to the extent that same are not paid from the proceeds of the Bonds or from any other available funds. The sale of the Notes and the form and other details thereof shall be approved, ratif~ied and confirmed by the resolution of this Council. Bonds in anticipation of which the Notes are issued must be issued and sold in accordance with this resolution not later than five years of the date of the original issue of the first Notes. 5. The City Attorney of the City shall be and hereby is directed to file a copy of this resolution, certified by the City Clerk of the City to be a true copy thereof, with the Circuit Court of the City of Portsmouth, Virginia, and such City Clerk shall be and hereby is directed to publish once within ten (10) days of the date of filing of such resolution a notice with respect thereto in the Virginian Pilot, a newspaper of general circulation in the City, in accordance with Section 15.1-199 of the Code of Virginia, 1950,.as amended. Such notice shall be in subsftantially the following form: "LEGAL NOTICE Notice is~hereby given p~rsuant to Section 15.1-199 of the Cod9 of Virginia, 1950, as amended, that the Council of the City of Portsmouth, Virginia, adopted on December 13, 1988, a resolution authorizing the issuance, as a whole at one time or in part from time to time, ten million dollars ($10,000,000) aggregate principal amount of general obligation bonds and further authorizing and providing for the issuance and sale of general obligation bond anticipation notes in anticipation of issuance of such bonds and caused a certified copy of such resolution to be filed with the Circuit Court of the City of Portsmouth on , 19 The proceeds of sale of such bonds and notes shall be to the payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descriptions of the respective projects: