Minutes 06/23/1987 - Laserfiche WebLink

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366 June 23, 1987 The authorizing resolution previously~approved by Council indicated that the bonds would be dated May 1, 1987. In order to imp~ove~the_mark~tabili~F of the bonds, the underwriters and financial advisor ha%e recommended the bonds to be dated July 9, 1987, which is the tentative closing date for the bond sale. Enclosed for your consideration is a proposed resolution tO change the date of the bonds, which I recommend for your adoption." On motion of Mr. Gray and seconded by Mrs. Webb, the followin~ resolution was adopted, and by the following vote: "A RESOLUTION AMENDING A RESOLUTION ADOPTED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, ON APRIL 14, 1987, ENTITLED 'A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED THIRTY ONE MILLION NINE HUNDRED AND~FIVE THOUSAND $31,905,000) ~PRINCIPAL A~4OUNT OF GENERAL OBLIGA- TION PUBLIC IMPROVEMENT AND REFUNDING BONDS, SERIES!1987, OF THE CITY OF PORTSMOUTH, VIRGINIA;. FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN ADVANCE OF THEIR STATED MATURITIES AND REDEEM CERTAIN PREVIOUSLY ISSUED AND OUT- STANDING PU~E£C-~L~R~VEMENT_BO~DS'OP'SU~CITY"AN~ TO~ PAY THE COSTS OF VARIOUS ADDITIONAL PUBLIC IMPROVEMENT PROJECTS OF AND FOR SUCH CITY, AUTHORIZING THE SALE OF SUCH BONDS BY THE CITY MANAGER AND AUTHORIZING THE EXECU- TION AND DELIVERY OF A BOND PURCHASE AGREEMENT RELATING TO THE SALE OF SUCH BONDS, FIXING THE FORM OF SUCH BONDS, AUTHORIZING THE EXEEUTION OF AN OFFICIAL STATEMENT RELAT- ING TO SU£H BONDS, APPROVING THF FOR~AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT RELATING TO SUCH REFUNDED PUBLIC IMPROVEMENT BONDS AND AUTHORIZING THE CITY MANAGER TO DESIGNATE SUCH REFUNDED PUBLIC IMPROVEMENT BONDS FOR REDEMPTION AND PROVIDING THE AUTHORIZATION OF SUCH BONDS HEREIh IS, IN PART, IN LIEU OF CERTAIN GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS HERE- TOFORE AUTHORIZED.' BE IT RESOLVED h) the Council of the City of Portsmouth, Virginia: 1. The resolution adopted by this Council on April 14, 1987, the title of which is quoted in the title to this resolution (the 'Authorzing Resolution'], is hereby amended as set forth below ~o reflect changes in the date of the Bonds and the date from which interest on the Bonds shall accrue: (a) The first clause of the second sentence of the first subparagraph of paragraFh 1 of the Authorizing Re~olution~isi~ amended to read as follows: 'The Bonds shall be dated as of and shall bear interest from July ~, 1~87;' [b] The final paragraph of the form 6f the Bonds in paragrap 8 of the Authorizing Resolution is amended to read as follows: 'IN WITNESS WHEREOF, the City of has caused this Bcnd to be executed by the facsimile signatures of i~'s Mayor and Director of Finance and a facsimile of the corporate seal of the City to be imprinted hereon and attested by the facsimile s~gnature of the City Clerk of the City; and this Bond to be dated as of the ninth day of July, 1987.' (c) The first sentence of paragraph 9(a) of the Authorizing Resolution is amended to change the date of the Escrow deposit Agreement from 'May 1, 1987' no 'July 9, 1987'.