Minutes 04/25/2000 - Laserfiche WebLink

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April 25, 2000 As determined by resolution of the Council, or as determined by the Chief Financial Officer of the City and approved or ratified by resolution of the Council adopted prior to the issuance of the particular Bonds: the Bonds may be sold in their entirety at one time, or in part from time to time, at any time and the Bonds of each issue shall be in such form, be of such denomination, be payable at such time or times not exceeding forty (40) years from their date, bear interest at a rate or rates not exceeding 9%, 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 contemporaneously with any other general obligation bonds or with any general obligation bond anticipation notes of the City. 2. The full faith and credit of the City is hereby irrevocably pledged to the payment of the principal of and premium, if any, and interest 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, at the same time and in the same manner as other taxes of the City are assessed, levied and collected, a tax upon all taxable property within the City, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal of and premium, if any, and interest on the Bonds to the extent other funds of the City are not lawfully available and appropriated for such purpose. 3. The proceeds of sale of the Bonds 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: Purpose Amount Drainage and Street Improvements Education Industrial and Economic Development Leisure Services Public Safety Miscellaneous Municipal Facilities $1,150,000.00 250,000.00 2,000,000.00 390,000.00 350,000.00 295,000.00 1,205,000.00 Total $5,640,000.00 provided that if any such project shall require less than the entire respective 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 receipt of the proceeds thereof, there are hereby authorized to be issued and sold five million six hundred forty thousand dollars ($5,640,000.00) aggregate principal amount of general obligation public improvement bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for the same purpose as is specified in Paragraph 1 with respect to the application of the proceeds of the Bonds. The Notes may be issued in their entirety at one time, or in part from time to time, at any time; shall mature and be payable within five (5) years from their date; and shall be sold at competitive or negotiated sale at not less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof and payment therefor and on such other terms and conditions as shall be determined by the City Manager and the Chief Financial Officer of the City. The City Manager and the Chief Financial Officer of the City are hereby authorized to approve the sale of the Notes as provided herein; provided that (i) in no event shall the stated rate of interest for any Note be in excess of ten per centum (10%) per annum; (ii) in no event shall any redemption premium payable upon the redemption of any Note exceed three percent (3%) of the principal amount thereof; and (iii) in no event shall the maturity of any Note be in excess of the maturity permitted under Section 15.2-2628 of the Code of Virginia, 1950. The City may sell all or part of the Notes alone or contemporaneously with any other general obligation notes or with any general obligation bonds of the City. There may be prepared and distributed a preliminary and a final Official Statement relating to any Notes in such form as shall be approved by the Chief Financial Officer of the City. The issuance and details of such Notes shall be governed by the provisions of Section 15.2-2628 of Title 15.2, Chapter 26, Article 2 of the Code of Virginia, 1950. The City Manager and the Clerk of the City are authorized and directed to execute the Notes and to affix the seal of the City thereto and to deliver the Notes to the purchaser thereof upon payment of the purchase price.