Laserfiche WebLink
315 <br /> <br />Janu~10, 1989 <br /> <br /> 88-489 - Ordinance to appropriate $100,000 for the <br />refurbishment and installation of the Pokey Smokey Railraod at <br />City Park, deferred from the regular meeting of De~ember 13, 1988. <br /> <br /> Motion of Mr. Simpson and seconded by Mrs. Lucas, to approve <br />the ordinance. <br /> <br /> Substitute motion of Mr. Gray and seconded by Mr. Hawks, to <br />defer the item because the City does not have a signed contract, <br />until the regular meeting of January 24th, and was adopted by <br />unanimous vote. <br /> <br /> 88-495 (b) - A resolution authorizing the issuance of <br />$10,000,000 bf General Obligation Bonds of the City of Portsmouth, <br />Virginia for the purDose of providing funds to pay the cost of <br />various improvement, projects of such City and authorizing and <br />providing with respect to the issuance and sale of a like <br />principal amount of general Obligation Bond Anticipation Notes in <br />Anticipation of t?ne issuance and receipt of the proceeds of sale <br />of such bonds, deferred flrom the regular meeting of December 13, <br />1988. <br /> <br /> Motion of Mr. Gray and seconded by Mr. Hawks, the following <br />resolution was adopted, and by the following vote: <br /> <br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $10,000,000 OF <br />GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA <br />FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS <br />IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND <br />PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION <br />NOTES IN ANTICIPATION OF T~E ISSUANCE AND RECEIPT OF THE <br />PROCEEDS OF SALE OF SUCH BONDS. <br /> <br /> WHEREAS, it is necessary <br />(the "City") to provide funds <br />as hereinafter set forth; and <br /> <br />for the City of Portsmouth, <br />for the public improvement <br /> <br />Virginia <br />projects <br /> <br /> WHEREAS, there are no funds in the treasury of the City <br />applicable to the payment of the costs of such projects and, <br />accordingly, it is necessary to authorize the issuance of Ten <br />million dollars ($10,000,000) aggregate principal amount of <br />general obligation bonds of the City to pay such costs and in <br />anticipation thereof to authorizeand provide for the issuance and <br />sale of general obligation bond anticipation notes; and <br /> <br /> WHEREAS, a public hearing has been held with respect to the <br />adoption of this Resolution on December 13, 1988 as required by <br />and in accordance with ~15.1-171.1 of the Code of Virginia, 1950, <br />as amended. <br /> <br /> NOW, TREREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia: <br /> <br /> <br />