Laserfiche WebLink
June 23, <br /> <br />367 <br /> <br />1987 <br /> <br /> 2. The defined terms used in this resolution shall have the <br />meaning given to s~uch terms in the Authorizing Resolution. <br /> <br /> 3. The City Attorney of the City is directed to file a copy <br />Iof this resolution, certified by the City Clerk of the City to be <br /> a true copy hereof, with the Clerk of the CircUit Court Of the City <br /> of Portsmouth, Virginia. <br /> <br /> 4. Ail ordinances, resolutions and proceedings in conflict wi1 <br />the provisions of this resolution are, to be extent of such conflicl <br />hereby repealed. <br /> <br /> 5. This resolution shall take effect from the date of its <br />adoption." <br /> <br />Ayes: Barnes, Corprew, Grey, Lucas, Simpson, Webb, Holle <br />Nays: None <br /> <br /> 87-282 - Letter from the City Manager recommending adoption of <br />a resoiutiQn to amend a resolution adopted by the City Council on <br />April 14, 1987, to reflect changes in the date of General Obligatio~ <br />Public Ut%lity and Refunding Bonds, Series, 1987. <br /> <br /> (See letter under Item 87-281) <br /> <br /> On motion of Mrs. Lucas and seconded by Mrs. Webb, the followi~ <br />resolution was adopted; and by the followi~g vote: <br /> <br />"A RESOLUTION AMENDING A RESOLUTION ADOPTED BY THE COUNCIL OF <br />THE CITY OF PORTSMOUTH, VIRGINIA, ON APRIL 14, 1987, ENTITLED <br />'A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED TWENTY <br />MILLION ONE HUNDRED AND NINETY THOUSAND DOLLARS ($20,190,000) <br />PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY AND <br />REFUNDING BONDS, SERIES 1987, OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS TO REFUND IN <br />ADVANCE OF THEIR STATED MATURITIES AND REDEEM CERTAIN PRE- <br />VIOUSLY TSSUED AND OUTSTANDING PUBLIC UTILITY BONDS OF SUCH <br />CITY AND TO PAY THE COSTS OF ADDITIONAL CAPITAL IMPROVEMENTS, <br />EXTENSIONS AND ADDITIONS TO THE WATER AND SEWER SYSTEM OF <br />SUCH CITY, PURSUANT TO ARTICLE VII, SECTION 10(a)(2), OF THE <br />CONSTITUTION OF VIRGINIA, AUTHORIZING THE SALE OF SUCH BONDS <br />BY THE CITY MANAGER AND AUTHORIZING THE EXECUTION AND DELIVERY <br />OF A BOND PURCHASE AGREEMENT RELATING TO THE SALE OF SUCH <br />BONDS, FIXING THE FO~I OF SUCH BONDS, AUTHORIZING THE EXECU- <br />TION OF AN OFFICIAL STATEMENT RELATING TO SUCH BONDS, APPROV- <br />ING THE FO~M AND AUTHORIZING THE EXECUTION AND DELIVERY OF~ <br />AN ESCROW DEPOSIT AGREEMENT RELATING TO SUCH REFUNDED PUBLIC <br />UTILITY BONDS AND AUTHORIZING THE CITY MANAGER TO DESIGNATE <br />SUCH REFUNDED PUBLIC UTILITY BONDS FOR REDEMPTION.' <br /> <br /> BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. The resolution adopted by this Council on April 14, 1987, <br />the title of which is quoted in the title to this resolution (the <br />'Authorizing Resolution'), is hereby amended as set forth below to <br />reflect changes in the date of the Bonds and the date from which <br />interest on the Bonds shall accrue: <br /> <br /> (a) The first clause of the second sentence of the first para <br />graph of paragraph 1 of the Authorizing Resolution is amended to <br />read as follows: 'The Bonds shall be dated as of and shall bear <br />interest as follows: 'The Bonds shall be dated as of and shall bear <br />~nterest f~om ~uly ~, 1~87;' <br /> <br /> <br />