Minutes 10/14/1986 - Laserfiche WebLink

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October 14, 1986 (40) years from their date, bear interest at a rate or rates no~ exceeding the maximum rate of interest authorized by law at the tim of the sale of such bonds, be sold in such manner and have such othe details as are deemed necessary or advisable. The City may sell all or' part of the Bonds alone or contemporaneously with any other gen- eral obligation bcnds or with any general obligation bond anticipa- tion 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 ~thin the City subject to taxation by the City, a tax sufficient to provide for thc of the principal of and interest on the Bonds as the same due. 3. ~he proceeds of sale of the Bonds shall be applied to the of the costs of the public ~mprovement projects described below in substantially the amounts se~ forth opposite the descriptic ~f the respective ~rojects: PROJECTS AMOUNT Community Services Education Parks and Recreation Drainage, Curbs, Gutters and Street ~mprovements Urban Renewal and Priority Action Programs Industrial and ~conomic Redevelopment 872,608 246,000 1,512,000 2,426,676 300,000 112,716 TOTAL $ 5,470,000 ~rovided, that if any such project shall require less than the entil ~ective amount set forth above, the difference may be applied to pay the cost of any other project so set forth. 4. In anticipation of the issuance of the Bonds and the recei ~f the proceeds thereof, there are hereby authorized to be issued an sold $5,470,000 aggregate principal amount of general obligation bond. anticipation notes of the City (the "Notes). The proceeds of the Notes shall be applied for the same purposes and in the same ~ective amounts as are specified in paragraph 3 with respect to application of the proceeds of the Bonds· The Notes may be issued in their entirety a~ one time, or in part from time to t~% at any time~ shall mature and ~e payable withi~ two years from ~r ; and shall be sold at competitive O~ego~iated sale at not ~s par plus interest accrued thereon fr~ t~ date thereof to th~ or'the delivery thereof and payment ~erefor and on such o~he~ s and conditions as are determined by '~e Director of Finance he City. The City may sell all or par~ of the Notes alone or ~oraneously with any other general o~ligation notes or with general obligation bonds of the City. ~here may be prepared and stributed a preliminary and a final OffiCial Statement relating to Notes in such form as shall be approve~by the Director of Finan xssuance and details of such Notes sha~ be governed by the pro- ~isions of Section 15.1-223 of Title 15.1,~Chapter 5, Article - of :he Code of Virginia, 1950, as amended, and Article I of Chapter 11 ~f the Code of the City. Each Note issued~hereunder shall be accom ~anied by a certificate of the City Manage~ and the Director of ~inance of the City in the form prescribed':in Section 11-17 of the 2ode of the City. The provisions of paragraph 2 hereof shall apply :o the Notes to the extent that same are not paid from the proceeds ~f the Bonds or from any other available funds. The sale of the Not ~nd the form and other details thereof shall be approved, ratified confirmed by the resolution of this Council· Bonds in anticipa- tion of which the Notes are issued must be issued and sold in accord lS