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<br />
<br />On motion ~Ke~}follo~ing resolution was adopted, and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $5,305,000 OF GENERAL OBLIGATION BONDS
<br />OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE
<br />COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING
<br />WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL
<br />OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF
<br />THE PROCEEDS OF SALE OF SUCH BONDS.
<br />
<br /> WHEREAS, it is necessary for the City of Portsmouth, Virginia (the "City") to provide
<br />funds for the public improvement projects as hereinafter set forth; and
<br />
<br /> WHEREAS, there are no funds in the treasury of the City applicable to the payment of
<br />the costs of such projects and, accordingly, it is necessary to authorize the issuance of
<br />five million, three hundred five thousand dollars ($5,305,0001 aggregate principal amount
<br />of general obligation bonds of the City to pay such costs and in anticipation thereof to
<br />authorize and provide for the issuance and sale of general obligation bond anticipation
<br />notes.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council cf the City of Portsmouth, Virginia:
<br />
<br /> i. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, the same being the
<br />Public Finance Act, and the Charter of the City, for the purpose of providing funds to pay
<br />the costs of public improvement projects of the City as set forth in paragraph 3, there are
<br />hereby authorized to be issued and sold five million, three hundred five thousand do]!ars
<br />($5,305,000) aggregate principal amount of general obligation bonds of the City (the "Bonds"i .
<br />As determined by resolution of the Council, or determined by the Director of Finance of
<br />the City which determination shall be approved or ratified by resolution of the Council
<br />adopted prior tc or au the time of sale of the particular Bonds: the Bonds may be sold in
<br />their entirety at one time, or in part from time to time, at any time and tb¢ Bonds of each
<br />mssue shall be in such form, be of such denomination, be payable at sugb time or times not
<br />exceeding forty (401 years from their date, bear interest at a rate or rates not exceeding
<br />the maximum rate of interest authorized by law at the time of the sale of such bonds, be
<br />sold in such manner and have such other details as are deemed necessary or advisable. The
<br />City may sell all or part of the Bonds alone or contemporaneously with any other general
<br />obligation bonds or with any general obligation bond anticipation notes of the City.
<br />
<br /> 2. The full faith and credit of the City shall be and hereby is irrevocably pledged
<br />to the payment of the principal of and interest on the Bonds as the same become due. In
<br />each year while the Bonds, or any of them, are outstanding and unpaid, there shall be
<br />assessed, levied and collected, upon all property within the City subject to taxation by
<br />the City, a tax sufficient to provide for the payment of the principal of and interest on
<br />the Bonds as the same become due.
<br />
<br /> 3. The proceeds of sale of the Bonds shall be applied to the payment of the costs
<br />the public imprcvement projects described below in substantially the amounts set forth
<br />opposite the descriptions of the respective projects:
<br />
<br />of
<br />
<br />PROJECTS AMOUNT
<br />
<br />Community Services
<br />Education
<br />Parks and Recreation
<br />Public Safety
<br />Drainage, Curbs, Gutters and
<br /> Street Improvements
<br />Urban Transportation
<br />Urban Renewal and Priority Actions Programs
<br />Industrial and Economic Redevelopment
<br />
<br />$ 5S0,000
<br /> 3,815,627
<br /> 230,000
<br /> 238,412
<br />
<br />190,000
<br />230,961
<br />
<br /> S0,000
<br />
<br />TOTAl $5,305,000
<br />
<br />provided, that if any such projec~ shall require less than the entire
<br />set forth above, the difference may be applied to pay the cost of any
<br />forth.
<br />
<br />respective amount
<br />other project so
<br />
<br />set
<br />
<br /> 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds
<br />thereof, there are hereby authorized to be issued and sold $5,305,000 aggregate principal
<br />amount of general obligation bond anticipation notes of the City (the "Notes"). The
<br />proceeds of the Notes shall be applied for the same purposes and in the same respective
<br />amounts as are specified in paragraph 3 with respect to the application of the proceeds of
<br />the Bonds. The Notes may be issued in their entirety at one time, or in part from time to
<br />time, at any time; shall mature and be payable within two years from their date; and shall
<br />be sold at competitive or negotiated sale ~t not less than par plus interest accrued
<br />thereon from the date thereof to the date of the delivery thereof and paymen~ therefor and
<br />on such other terms and conditions as are determined by the Director of Finance of the
<br />City. The City may sell all or part of the Notes alone or contemporaneousIy with any other
<br />general obligation notes or with any ggneral obligation bonds of the City. There may be
<br />prepared and distributed a preliminary and a final Official Statement relating to any Notes
<br />in such form as shall be approved by the Director of Finance. The ~ssuance and details of
<br />such Notes shall be governed by the provisions of Section 15.1-223 of Title 15.1, Chapter
<br />S, Article 7 of the Code of Virginia, 1950, as amended, and Article I of Chapter II of the
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