Minutes 12/08/1987 - Laserfiche WebLink

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5,33' December 8, 1987 -sold at ~competitive or negotiated sale at not l~ess 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 an~ other general obligation notes or with any general-:obti'gation bon-d~~ of the City. There may be p~epared and distributed a preliminary and a final Official Stat~:~t relating t~ any Notes -i~ ~s'uch f~rm~ as-.shalt-~b~approUed 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 Virgirr~a, ~950r,' 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 Cit~ Manager a~d the Director o~ Finance of the .City in the .f~orm prescribed in Section 11-1'7 of ~the Code of the Ci~ty. 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 ~ther available funds. The sale of the Notes and the form and Other details 't~ereOf"Shall be approved, ratified and confirmed by th~ resOl~ution Of this Council. Bonds in anticipation of which the Notes are issued must be issued and sol in accordance with thins resolution not later than-five~ years of the dare, of the original issue of the first ~Notes.~~ 5o The City Attorney of the City shall be and hereby is directed to file a copy of this resolution, certifi~d~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 ~-~r.~inia~:~Pilot, a news~paper <~f~ general circulati0-~ in the Cit~/ i~a~ccordance wiTh~.Secti~on-15.1-199 of the Code of Virginia, 1950, as amended. Such notice shall be in substant~al~ly the ~f.otlowing ~form: "LEGAL NOT~OE Notice is hereby given pursuant ~to-Section 15.1-~99 'of the Code of Virginia, 1950, as amended, that the~Council of the City of Portsmouth, Virginia, adopted on August llr 1987, a resolution authorizing the issuance, as a whole at one time or in part from time to time, seven million nine-hundred twenty thousand dollars ($7,920,000) aggregate principal amount, of genera~ obligation bonds and further authorizing and providing for the issuance and sale of general obligation bond anticipation notes in anticipatio of issuance of such ~onds ~and'caused a certified copy of such resolution to ~ with~th~rcuit ~9~rt of the City of Portsmouth on . ~ , 19. The proceeds of sale of such bonds and notes shall be applie 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: --~ PROJECTS ~MOUNT~- Drainage/~Curb, Gu~t~rs and Street Improvements Education Urban Ren~wal-and~r-iority"Action Program Parks and Recreation ~ Municipal Fa~cilities-and Commun~ity Services ~ TOTAL : $1,821f000 2,848,250 2,620,'000 ~70~,750 560¥000 $7,920,000