Minutes 08/11/1987 - Laserfiche WebLink

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August 11, 1987 of Finance. The issuance and details o~ such Notes shall be ed by the provisions of Section 15.1-223 of Title 18.1, 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 paragrap~ 2 hereof shall apply to the Notes so 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 there shall be approved, ratified 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 fi~ 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 resoluttlon a notice with respect thereto in the Virginia Pilot, a newspaper of general circulation in the City, in accordance w--~ Section 15.1-199 of the Code of Virginia, 1950, as amended. Such notice shall be in substantially the following form: "LEGAL NOTICE Notice is hereby given pursuant to Section 15.1-199 of the Code of Virginia, 1950, as amended, that the Council of the City of Portsmouth, Virginia, adopted on August 11, 1987, a resolution authorizing the issuance, as a whole at one time or ~n part from time to time, four hundred fifteen thousand dollars ($415,000) 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 resolutiontUob~Jf~lgd with the Circuit Court of the City of Portsmouth on , 19 The proceeds of sale of such bonds and notes shall be applied to the payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descriptions of the respectxve projects: PROJECTS AMOUNT Drainage, Curb, Gutters and Street Improvements $415,000 provided, that if any such project shall require less than the entire respective amount set forth above, the difference may be applied to pay the cost of any other project so set forth. ~ity Clerk City of Portsmouth, Virginia' 6. This resolution shall take effect from the date of its adoption." Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Nays: None 87-299 (b) The following ordinance approved on first readin at the regular meetmng of July 14, 1987, and deferred from the reqular meeting of July 28, 1987, was taken up and read: