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532
<br />
<br />December 8, 1987
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City
<br />of Portsmouth, Virginia: .... ·
<br />
<br /> 1. Pursuant to Chapter 5 of~'Tit-l-et5.~l~ of the Code, of
<br />Virginia, the same being the Public Finance Act, and the
<br />Charter of~ the City, for the-purpose,of providing f~nds~to pay
<br />the costs of public ~mprovement p~cts o~ ~he~Cit~, a~s~s~t~ ~
<br />forth in paragraph 3, there are hereby authorized to be issued
<br />and sold seven million nine h~n~r6d twenty~ thousand~dDtl~rs
<br />($7,920,000) aggregate principal amount of gener~l.~o~l~gation
<br />bonds of the City (the "Bonds"). As determined by resolution
<br />of the C~uncil, or ~e~ermined by ~he 'Di, r~ctor of ~i~anc~ of the
<br />City which determination shall be approved or ratified by
<br />resolution of the Council adopted prior to or at the time of
<br />sale ~f the particular Bonds: the~onds may be sold in their
<br />entirety at.~one time, or in part from time ~o ~me, ~at, any time
<br />and the ~onds,of each issue shall be~in such' form~, ~be-of~ such
<br />denomination, ibe~ payable at such t~me~ o~imes~R~exceeding
<br />forty (40) years from their date, bear inter~st,~at'a~rate or
<br />rates not exceeding the maximum rate of interest authorized by
<br />law at the time of the sale of such bonds, -be s~ld in. such
<br />manner and have such other details ~s are de~me~-necessary ~r~
<br />advisable. The City may sell all or part of the Bonds along or
<br />contemporaneously with any other general obligation bonds, or
<br />with any general obligation bond anticipation notes
<br />City.
<br />
<br /> 2. The full faith and credit of the City shall be and
<br />hereby is irrevocably pledged to the paymen~ of ~he ~rincipa,l-~
<br />of and interest on the-Bonds as the, same ~ecome.due. lin each
<br />year while the Bonds, or any of them, are outstanding~ and
<br />unpaid, there shall be assessed, levied and collected, upon all
<br />property within the,City subjec~to taxation by~ ~he,~C~t~,a tax
<br />sufficient to provide for the payment of the pri~cipal' o~ and_
<br />interest on the Bonds as the same.~ecome due.
<br />
<br /> 3. The proceeds of sale of the Bonds shall be.applied to
<br />the payment of the costs of the public improvement projects
<br />described below in substantially the amounts set forth opposite
<br />the descriptions of the respective projects:
<br />
<br />PROJECTS AMOUNT
<br />
<br />Drainage, Curb, Gutters and
<br /> Street Improvements
<br />Education
<br />Urban Renewal and Priority Action
<br /> Program
<br />Parks and Recreation
<br />Municipal Facilities and Community
<br /> Services
<br />
<br />TOTAL
<br />
<br />$~.,821,000
<br />2,848,250
<br />
<br /> 2,62~,000
<br /> 70,750
<br />
<br /> 560,000
<br />$7,920,000
<br />
<br />provided, that if any such project shall require less than the
<br />
<br />entire respective amount set forth above, the difference may be
<br />applied to pay the cost of any other project so set forth..
<br />
<br /> 4. In anticipation of the~'·issuanc~ ~of the Bonds a~d,the
<br />~eceipt of the proeeeds thereof, %here are hereby authorized to
<br />be issued and sold seven million.nine hundred twenty ~ho~sand,
<br />dollars ($7,920,000) aggregate principal amount of general
<br />obligation bond anticipation notes of the City (the "Notes").
<br />The proceeds of the Notes shall be applied for the same
<br />purposes and in the same respective amounts as are specified in
<br />paragraph 3 with respect to the appl, icatio~ of the proceeds,~f
<br />the Bonds. The Notes may be issuedin their entirety at one
<br />time, or in part from time to time, at any time; shall mature
<br />and be payable within two years from their date; and shall be
<br />
<br />
<br />
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