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227
<br />
<br />March 24, 1987
<br />
<br /> ~87-117 Letter from the City Manager recommending adoption of
<br />~ resolution requesting the State Council on Local Debt to authorize
<br />the proceeding of the Refunding Bond Issue.
<br />
<br /> "At your February 24, 1987 meeting, authorization was granted
<br />to work with the financial advisor, the underwriters, and the bond
<br />~ttorney, to determine the structure of a package consisting of
<br />'efunding, advance refunding and original issuance bonds.
<br />
<br /> The attached resolution authorizes the City
<br />)irector of Finance to take appropriate actions
<br />the proposed financing. These actions include:
<br />
<br />Manager and the
<br />in connection with
<br />
<br />o Preparing and submitting a Plan 6f Refunding to
<br /> the State Council on Local Debt
<br />o Preparing a "Preliminary Official Statement" and an
<br /> "Official Statement"
<br />o Applying for ratings related to the proposed Refunding
<br /> Bonds, Public Improvement Bonds, and Public Utility
<br /> Bonds.
<br />
<br /> Prior to any finalization of terms with the underwriters, it
<br />will be necessary for the City Council to approve the transaction.
<br />The authorization being requested through the adoption of the
<br />resolution is to authorize staff to proceed with actions neeSed to
<br />complete the negotiations with the underwriters and arrive at a sale
<br />price. I have included with this letter a brief outline and tenta-
<br />tive schedule for bringing the bond issue to a successful conclusioz
<br /> , therefore, recommend City Council approval of the attached
<br /> 'esolution."
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Lucas, the followin~
<br />cesolution was adopted, and by the following vote:
<br />
<br />"RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, AUTHORIZING THE TAKING OF APPROPRIATE ACTION
<br />WITH RESPECT TO THE PROPOSED REFUNDING OF ALL OR A
<br />PORTION OF THE CITY'S PORT IMPROVEMENT BONDS, SERIES OF
<br />1975, DATED OCTOBER IS, 1975, PUBLIC IMPROVEMENT BONDS
<br />AND PUBLIC UTILITY BONDS, EACH DATED JULY 1, ]980 PUBLIC
<br />IMPROVEMENT BONDS AND PUBLIC UTILITY BONDS, EACH DATED
<br />DECEMBER 1, 1982, AND PUBLIC IMPROVMENT BONDS AND PUBLIC
<br />UTILITY BONDS, EACH DATED NOVEMBER i, 1985; AUTHORIZING
<br />THE PREPARATION AND SUBMISSION OF A PLAN OF REFUNDING
<br />TO THE STATE COUNCIL ON LOCAL DEBT AND REQUESTING THE
<br />STATE COUNCIL'S APPROVAL OF THE ISSUANCE OF REFUNDING
<br />BONDS TO BE ISSUED FOR THE PURPOSE OF REFUNDING ALL OR
<br />A PORTION OF SUCH PRIDR ISSUES OF BONDS: AND AUTHORIZING
<br />THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT AND AN
<br />OFFICIAL STATEMENT RELATING TO SUCH REFUNDING BONDS AND
<br />RELATING TO $7,135,000 PRINCIPAL AMOUNT OF PUBLIC IMPROVE-
<br />MENT BONDS AND $9,750,000 PRINCIPAL ~4OUNT OF PUBLIC UTILITY
<br />BONDS OF THE CITY TO RE ISSUED FOR THE PURPOSE OF PROVIDING
<br />MONEYS TO PAY THE COSTS OF CAPITAL IMPROVEMENT PROJECTS OF
<br />AND FOR THE CITY.
<br />
<br /> WHEREAS, the City of Portsmouth, Virginia (the "City") has
<br />heretofore issued $8,200,000 of its Port Improvement Bonds, Series
<br />of 1975, dated October 1S, 1975 and maturing on November 1 in each
<br />of the years 1976 to 2005, both inclusive, which are outstanding
<br />on the date hereof in he principal amount of $6,805,000 (th~ "1975
<br />Port Improvement Bonds"); and
<br />
<br /> WHEREAS, the City has heretofore issued $7,000,000 of its Publ
<br />Improvement Bonds, dated July 1, 1980 and maturing on July 1 in eact
<br />of the years 1981 to 2000, both principal amount of $4,900,000 (the
<br />"1980 Public Improvement Bonds"); and
<br />
<br />
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