Minutes 08/11/1987 - Laserfiche WebLink

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419 July 11, 1987 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuant to Chapter S of Title 15.1 of the Code of Virgini the same being the Public Finance Act, and the Charter of the City, for the purpose of providing funds to pay the cost of public improw merit projects of the City as set forth in paragraph 3, there are hereby authorized to be issued and sold four hundred fifteen thousand dollars ($415,000) aggregate principal amount of general obligation bonds of the City (the "Bonds"). As determined by resolution~0~ the Council, or determined by the Director of Finance of the City which determination shall be approved or ratified bY resolution of the Council adopted prior to or at the time of sale of the particular Bonds: the Bonds may be sold in their entire' at one time, or in part from time to time, at any time and the of each issue shall be in such form, be of such denomination, be payable at such time or times not exceeding forty [40) years from their date, bear interest at a rate or rates not exceeding the maximum rate of interest authorized by law at the time of the sale of such bonds, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or par~ of the Bonds along or contemporaneously with any other general obligation bonds or with any general obligation bond anticipation notes of the City. 2. The full faith and credit of the City shall be and hereby · s irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due. In each year while the Bonds, or any of them, are outstanding and unFaid, there s~all be assessed, levied and collected, upon all property within the City subject to taxation by the City a tax sufficient to provide for the payment of the principal of and interest on the Bonds as the same become due. 3. The proceeds of sale of the Bonds shall be applied to the payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descrip- tions of the respective projects: PROJECTS AMOUNT Drainage, Curb, Gutters and Street Improvements $415,000.00 provided, that if any such project shall require less than the enti respective amount set forth above, the difference may be applied to pay the cost of any other project so set forth. 4. In antlcmpatmon of the issuance of the Bonds and the ~ecei of the proceeds thereof, there are hereby authorized to be issued and sold four hundred fifteen thousand dollars ($415,000.00) 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 suah terms and conditions as are determined by the Director of the City. The City may sell all or part of the Notes alone or contemporaneously with any other general obligation notes o~ with any general obligation bonds of the City. There may be prepar~ distributed a preliminary and a final Official Statement rel to any Notes in such form as shall be approved by the Director