Minutes 11/25/1986 - Laserfiche WebLink

Home Browse Search

118 November 25, 1986 "A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,665,000 OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARI- OUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANITICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. WHEREAS, it is necessary for the City of Portsmouth, Virginia the "City") to provide funds for the public improvement projects ter set forth; and WHEREAS, there are no funds in the treasury of the City applic- able to the payment of the costs of such projects and, accordingly, it is necessary to authorize the issuance of one million, six hundre sixty five thousand dollars ($1,665,000] aggregate principal amount of general obligation bonds of the City to pay such costs and in anticipation thereof to authorize and provide for the xssuance and ;ale of general obligation bond anticipation notes. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of 'ortsmouth, Virginia: 1. Pursuant to Chapter 5 of Title 15.1 of the Code of Virgini* the same being the Public Finance Act, and the Charter of the City, for the purpose of providing funds to pay the costs of public im- provement projects of the City as set forth in paragraFh 3, there az ereby suthorized to be issued and sold one million, six hundred sixty five thousand dollars ($1,665,000) aggregate principal amount of general obligation bonds of the City (the "Bonds"). As determine by resolution of the Council, or determined by the Director of Fina~ of the City which determination shall be approved or ratified by resolution of the Council adopted prior to or at the time of sale oJ the particular Bonds: the Bonds may be sold in their entirety at one time, or xn parr from time to time, at any time and the Bonds o~ each issue shall be in such form, be of such denomination, be payab] at such time or times not exceeding forty (40) years from their date bear interest at a rate or rates not exceeding the maximum rate of interest authorized by law at the time of the sale of such bonds, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or part of the Bonds or contemporaneously with any 6ther general obligation bonds or with any general obligation bond anticipation notes of the City. 2. The full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the principal of and inter- est on the Bonds as the same become due. In each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, levied and collected, upon all property within the City subject to ~axation by the City, a tax sufficient to provide for th, payment of the principal of and interest on the Bonds as the same become due. 3. The proceeds of sale of the Bcnds shall be applied to the of the costs of the public ~mprovement projects described below in substantially the amounts set forth opposite the descrip- tions of the respective projects: PROJECTS AMOUNT Drainage, Curbs, Gutters and Street Improvements $1,665,000 TOTAL $1,665,000 provided, that if any such project respective amount se[ forth above, /pay*the cost of any other project shall require less than the enti~ the difference may be applied to so set forth.