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255
<br />
<br />April 14, 1987
<br />
<br /> WHEREAS, the City desires to issue the Bonds,
<br /> among other things, to provide for ~he refunding prior to
<br /> their Stated ma~urities and ~edempti~n on Novembe~l, 1995
<br /> of the 4985 Public Utility Bonds maturing on November 1 in
<br /> each of the years 1996 to 2005, both inclusive (the "1985
<br />~Refunded Public Utility Bonds"); and
<br />
<br /> WHEREAS, pursuant to an ordinance adopted by the
<br /> Council on August 28, 1984 and an election held in the City
<br /> on November 6, 1984, there were authorized for issuance
<br /> $9,750,000 principal amount of general obligation Public
<br /> Utility Bonds of the City; and
<br />
<br /> WHEREAS, on March 27, ~987, the State Council on
<br />Local Debt (the "State Council") approved the issuance of a
<br />portion of the Bonds authorized hereby to refund the ~982
<br />Refunded Public Utility Bonds and the 1985 Refunded Public
<br />Utility Bonds in accordance with Section 15.1-~93
<br />of the Code of Virginia, 1950, as amended, and Part II.A of
<br />the "Guidelines for Approval of Refunding Bonds by the State
<br />Council on Local Debt" adopted by the State Council on July
<br />16, 1985 (the "Guidelines"); and
<br />
<br /> WS~RE~S, in,he jud~m~-nt-of~th~C~uncil, iris-
<br />necessary and expedient to issue and sell general obligation
<br />Public Utility and Refunding Bonds, Series 1987
<br />"Bolds't) of the City ia an aggregate principal amount not to
<br />exceed,.Twenty Million On~ Hundred aD~.Ninety. Thousand ·
<br />Dollar~ ($2~,~90,O~O) for %hepu~pose ~f providing fUhd~s ~o
<br />refund in advance of their stated maturities and redeem the
<br />t982 Refunded Public Utility Bonds and/or the ~985 Refunded
<br />Public UtiliLy Bonds and to pay the costs of various
<br />additional public improvement projects of and for the City;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of
<br />the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to the Constitution of Virginia
<br />(including Article VII, Section 10(a)(2) thereof), Chapter 5
<br />of Title 15.1 of the Code of Virginia, 3950, as amended, the
<br />same being the Public Finance Act, and the Cha~ter of the
<br />City, and the aforemennioned ordinance adopted by the
<br />Council on August 28, 1984 and the aforementioned election
<br />held ia the City on November 6, 1984, for the purpose of
<br />providing funds (i) to refund in advance of their stated
<br />maturities-and redeem the 3982 Refunded Public Utility Bonds
<br />and/er the ~985 Refunded Public Utility Bonds, and (ii) to
<br />pay the cost of additional capital improvements, extensions
<br />and additions =o the City's revenue~producing water and
<br />sewerage system, there are hereby authorized t~ ~e issued
<br />and sold not to exceed Twenty Million One Hundred and Ninety
<br />Thousand ~ollars ($20,190,000) principal amount of general
<br />obligation bonds of the City to be designated ~Public
<br />Utlllty and Refunding Bonds, Series 1987 (hereihbefore
<br />defined as the "Bonds"). The Bonds shall be dated as of May
<br />1, 1987~; shall be numbered from R-1 coasecutively upward in
<br />order of issuance; shall be issued the denomination of
<br />$5,000 each or any integral multiple thereof; sh~l bear
<br />iDteres~ payable'on November .4, 4987 and semiannually on
<br />such No~ember I and May 1 thereafter; and shall be issued in
<br />
<br />fully registered form.
<br />
<br /> The City Manager is hereby authorized
<br />Bonds to Craigie Incorporated, Goldman, Sachs &
<br />Scott & Stringfellow, Inc. (the "Underwriters")
<br />terms and conditions as he shall determine at kh
<br />sale th~re6f; provided, however, that the aggr~g
<br />pal amount of the Bonds shall not emceed $20,190
<br />Bond~ shall mature not later than f~rty years ~r
<br />date~ the Bonds shall be sold to th~ UnderwritMr
<br />prioe equal to not less than 98.8% of the princi
<br />ther~of~ plus the interest accrued cn the Bonds
<br />date to the date of the delivery thereof and pay
<br />therefor; if the Bonds are to be subject to rede
<br />~he option of the City, the redemption price pay
<br />the redemption of any such Bond shall not exceed
<br />the principal amount thereof, together with the
<br />accruedi.thereon to the date fixed for the redemp
<br />thereof[, and no Bond may bear interest at a rate
<br />t~an seuen and one-half per centam (7 I/2%) per
<br />
<br />) sell the
<br />2o. and
<br />/pon such
<br />~ time of
<br />~te princi-
<br />,000; the
<br />n their
<br />for a
<br /> ~! amount
<br /> rom their
<br />
<br />npEion at
<br />~ble upon
<br />102 1/2% of
<br />interest
<br />%~ion
<br /> Freater
<br /> nnum. The
<br />
<br />
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