Minutes 11/25/1986 - Laserfiche WebLink

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November 25, 1986 4- In anticipation of the issuance of the Bonds and the recei of the proceeds thereo~ there are hereby authorized to be issued sold $1,665,000 aggregate principal amount of general obligation bond anticipation notes of the City (the "Notes"). ~he proceeds of the Notes shall be applied for the same purposes and in the same respective amounts as are specified in paragraph 3 with respec~ to the application of the proceeds of the Bonds. The Notes may be issued in their entirety a~ one time, or in part from time to at any time; shall mature and be payable within two years from date; and shall be sold at competitive or negotiated sale at n, than par plus interest accrued thereon from the date thereof and on such other terms and conditions as are determined by the Director Finance of the City. The City may sell all or part of the Notes ~lone or contemporaneously with any other general obligation n~tes Dr with any general obligktion bonds of the City. There may be prepared and distributed a preliminary and a final Official St~ relating to any Notes in such form as shall be approved by the Director of Finance. The issuance and details of such No~e~ shall governed by the provisions of Section 15.1-223 of Title 15.1 5, Article 7 of the Code of Virginia, 1950, as amended, and I of Chapter 11 of the Code of the City. Each Note issued hereun~ shall be accompanied by a certificate of the City Manager and the Director of Finance of the City in the form prescribed in Section 11-17 of the Code of the City. The provisions of paragraph 2 hereof shall apply to the Notes to the extent that same are.not pai from the proceeds of the Bonds or from any other available fun~s. The sale of the Notes and the f~rm and other details thereof shall be approved, ratified and confirmed by the resolution of this Counc~ Bonds in anticipation of which the Notes are issued must be issued and sold in accordance with this resolution not later than five 'ears of the date of the original issue of the first Notes. 5. The City %ttorney of the City shall be and hereby is d o file a copy of this resolution~ certified by the City Clerk City to be a true copy thereof, with the Circuit Court of the ~ity Portsmouth, Virginia, and such City Clerk shal~ be and hereby is directed to publish once within ten (10) days of the date of filing of such resolution a notice with respect thereto in The_Virginia Pilot, a newspaper of general circulation in the City, in accordance ~ection 15.1-199 of the Code of Virginia, 1950, as amended. Such notice shall be in substantially the following form: "LESAL NOTICE Notice is hereby given pursuant to Section 18.1-199 of the Code of Virginia, 1980, as amended, that the Council of the City of Portsmouth, Virginia, adopted on November 25. 1986, a resolUtion authorizing the issuance, as a whole at one time or in part from time to time, $1,665.000 aggregate principal amount of general obligation bonds and further authorizing and providing for the issuance and sale of general obligation bond anticipation notes in anticipation of issuance of such bonds and caused a certified ~opy of such resolution to be filed with the Circuit Court 6f the City of Portsmouth on , 19 The proceeds of sale of such bonds and notes shall be applied to the payment of the costs of the public improvement projects described below in substantially the amounts set forth opposite the descriptions Of the respective projects: Projects Amounts Drainage, Curbs, Gutters, and Street Improvements $1,665,000 TOTAL $1,66S,000