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August 28, 1984
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<br />NOW; THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
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<br /> 1. 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 the
<br />costs or'pUblic improvement projects of the City as set forth in paragraph 3, there are hereby
<br />authorized to be issued and sold two million, nine hundred ninety-five thousand dollars ~
<br />($2,995,000) aggregate principal amount of general obligation bonds of the City (the "Bonds")
<br />As determined by resolution of the Council, or determined by the Director of Finance of the
<br />City which determination shall be approved or ratified by resolution of the Council adopted
<br />prior to or at the time of sale of the particular Bonds: the Bonds may be sold in their en-
<br />tirety at one time, or in part from time to time, at any time and the Bonds of each issue sba
<br />be in such form; be of such denominations, be payable at such time or times not exceeding fort
<br />(40) years from their date, bear interest at a rate or rates not exceeding the maximum rate of
<br />interest authorized by law at the time of the sale of such Bonds, be sold in such manner and
<br />have such other details as are deemed necessary or advisable. The City may sell all or part of
<br />the Bonds alone or contemporaneously with any other general obligation bonds or with any gener
<br />obligation bond anticipation notes of the City.
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<br /> 2. The full faith and credit of the City shall be and hereby is irrevocably pledged to
<br />the payment of the principal of and interest on the Bonds as the same become due. In each yea
<br />while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, levied
<br />and collected, upon all property within the City subject to taxation by the City, a tax suffi-
<br />cient to provide for the payment of the principal of and interest on the Bonds as the same
<br />become due.
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<br /> 3. The proceeds of sale of the Bonds shall be applied to the payment of the costs of the
<br />public improvement projects described below in substantially the amounts set forth opposite th
<br />descriptibns of the respective projects:
<br />
<br />PROJECTS AMOUNT
<br />
<br />Community ~ervices
<br />Education
<br />Parks and Recreation
<br />Public Safety
<br />Drainage, Curbs, Cutters and
<br /> Street Improvements
<br />Urban Transportation
<br />Urban Renewal and Priority Action
<br /> Programs
<br />
<br />'}c - O-
<br />
<br /> -0-
<br />1 , 545 , 000
<br />
<br />1,450,000
<br />
<br />TOTAL $ 2,995,000
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<br /> provided, that if any such project shall require less than the entire respective amount set
<br /> f6rtkhabbv~.f~the difference may be applied to pay the cost of any other project so set forth.
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<br /> 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof,
<br /> there are hereby authorized to be issued and sold $2,995,000 aggregate principal amount of
<br /> general obligation bond anticipation notes of the City (the "Notes"). The proceeds of the
<br /> Notes shall be applied for the same purposes and in the same respective amounts as are speci-
<br /> fied in paragraph 3 with respect to the application of the proceeds of the Bonds. The Notes
<br /> may be issued in their entirety at one time, or in part from time to time, at any time; shall
<br /> mature and be payable within two years from their date; and shall be sold at competitive or
<br /> negotiated sale at not less than par plus interest accrued thereon from the date thereof to th
<br /> date of the delivery thereof and payment therefor and on such other terms and conditions as ar~
<br />~. ;determined by the Director of Finance of the City. The City may sell all or part of the Notes
<br /> alone or contemporaneously with any other general obligation notes or with any general obliga-
<br /> tion bonds of the City. There may be prepared and distributed a preliminary and a final Offic:
<br /> Statement relating to any Notes in such form as shall be approved by the Director of Finance.
<br /> The~i~s~ance and details of such Notes shall be governed by the provisions of Section 15.1-223
<br /> of Title 15.1, Chapter 5, Article 7 of the Code of Virginia, 1950, as amended, and Article I o:
<br /> Chapter 11 of the Code of the City. Each Note issued hereunder shall be accompanied by a
<br /> certificate of the City Manager and the Director of Finance of the City in the form prescribed
<br /> in Section 11-17 of the Code of the City. The provisions of paragraph 2 hereof shall apply
<br /> to the Notes to the extent that same are not paid from the proceeds of the Bonds or from any
<br /> other available funds. The sale of the Notes and the form and other details thereof shall be
<br /> approved, ratified and confirmed by resolution of this Council. Bonds in anticipation of
<br /> which the Notes are issued must be issued and sold in accordance with this resolution not late
<br /> than five years of the date of original issue of the first Notes.
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<br /> 5. The City Attorney of the City shall be and hereby is directed to file a copy of this
<br /> resolution, certified by the City Clerk of the City to be a true copy thereof, with the Cir-
<br /> cuit Court of the City of Portsmouth, Virginia, and such City Clerk shall be and hereby is
<br /> directed to publish once within ten (10) days of the date of filing of such resolution a notic
<br /> with respect thereto in The Virginian Pilot, a newspaper of general circulation in the City,
<br /> in accordance with Section 15.1-199 of the Code of Virginia, 1950, as amended. Such notice
<br /> "shall b~ in substantially the following form:
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<br />"LEGAL NOTICE
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<br /> · Notice is hereby given pursuant to Section 15,1-199 of the Code of Virginia, 1950, as
<br />amended, that the Council of the City of Portsmouth, Virginia, adopted on August 28, 1984, a
<br />resolution authorizing the issuance, as a whole at one time or in part from time to time,
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