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October 14, 1986
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia, that the aforesaid Capital Improvements
<br />Plan for the years 1986-87 through 1990-91 and a one yer Capital
<br />Improvement Program for 1986-8- are approved subject to later
<br />appropriation in the ordinary course of business of the CiTy."
<br />
<br />Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Helle'
<br />Nays: None
<br />
<br /> 86-363 - Letter from the City Manager recommending adoption of
<br />a resolution authorizing the mssuance of $5,470,000 General Obliga-
<br />tion Bonds.
<br />
<br /> "The attached resolution authorizing the issuance of $5,470,00
<br />in General Obligation Bonds is necessary to complete the a~tions on
<br />the 1987-91 Capital Improvement Program and the authorization of
<br />the first year (1986-87) of the CIP.
<br />
<br /> A total of $8,000,000 in General Obligation Bonds is bei~
<br />utilized to fund the 1986-87 projects. There remains $2,5~0,
<br /> from the $20,1S0,000 bond sale held on October 29, 1
<br />which is available to fund a portion of these projects. Therefore
<br />the resolution for new bond authorization is for the balance of
<br />$5,470,000.
<br />
<br /> I recommend to you the adoption of the attached resolStion."
<br /> On mction of Mr. Gray and seconded by Mrs. Webb, the followin
<br />resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $S,470,000
<br />OF GENERAL O~LIGATION BONDS OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE
<br />COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND
<br />AUTHORIZING AND PROVIDING WITH RESPECT ~O THE ISSUANCE
<br />AND SALE OF A LIKE PRINCIPAL ~OUNT OF GENEP~AL OBLIGA-
<br />TION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE
<br />ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH
<br />BONDS.
<br />
<br /> WHEREAS, it is necessary
<br />(the "City") to provide funds
<br />as hereinafter set forth; and
<br />
<br />for the City of Portsmouth, ¥irginia
<br />for the public improvement p~ojects
<br />
<br /> WHEREAS, there are no funds in the treasury of the City appli-
<br />cable to the payment of the costs of such projects and, accordingly
<br />· t ms necessary to authorize the mssuance of f~ve million, Ifour
<br />hundred seventy thousand dollars ($5,470,000) aggregate principal
<br />amount of ~e~eral obligation bonds of the City to pay such costs
<br />and in antmc~pation thereof to authorize and provide for t~e issu-
<br />ance and sale of general obligation bond anticipation notes.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council 6f the City of
<br />Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Chapter $ of Title 1S.1 of the Code o[ Virgini
<br />the same being the Public Finance Act, and the Charter of ~he City,
<br />for the purpose of providing funds to pay the costs of public im-
<br />provement projects of the City as set forth in paragranh 3J t~iere
<br />are hereby authorized to be mssued and sold f~ve mmll~on, four
<br />hundred seventy thousand dollars ($5,470,000) aggregate pr{nc~pal
<br />amount of general obligation bonds of the City (t~e "Bonds'~). As
<br />determined by resolution of the Council, or determined by {~e
<br />Director of Finance of the City which determination shall ~e approv
<br />or ratified by resolsution of the Council adopted prior to Icr it
<br />the time of s[le of the particul, ar Bonds: the Bonds may bel
<br />their entirety at one time, or mn part from time to time, mt
<br />time and the Bonds of each issue shall be in such form, he lo
<br />denomination, be payable at such time or times not exceedin,g
<br />
<br />
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