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March 28, 2000
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<br /> WHEREAS, Section 4 of the 1998 Resolution authorizes the City to issue and
<br />sell general obligation public improvement bond anticipation notes of the City in an
<br />aggregate principal amount equal to the principal amount of the Bonds authorized for
<br />issuance thereunder; and
<br />
<br /> WHEREAS, the Council, on April 27, 1999, after a duly advertised and
<br />conducted public hearing, adopted a resolution authorizing the issuance of $5,200,000
<br />principal amount of City of Portsmouth, Virginia, General Obligation Public Improvement
<br />Bonds for the purpose of providing funds to pay the costs of various public
<br />improvements to be located in the City and authorizing the issuance of a like principal
<br />amount of City of Portsmouth, Virginia, General Obligation Public Improvement Bond
<br />Anticipation Notes in anticipation of the issuance of such Bonds (the "1999 Resolution");
<br />and
<br />
<br /> WHEREAS, of the $5,200,000 principal amount of City of Portsmouth, Virginia
<br />General Obligation Public Improvement Bonds authorized for issuance under the 1999
<br />Resolution, $5,200,000 principal amount of such Bonds remains authorized but
<br />unissued as of the date hereof; and
<br />
<br /> WHEREAS, Section 4 of the 1999 Resolution authorizes the City to issue and
<br />sell general obligation public improvement bond anticipation notes of the City in an
<br />aggregate principal amount equal to the principal amount of the Bonds authorized for
<br />issuance thereunder; and
<br />
<br /> WHEREAS, the City has determined to issue $28,000,000 aggregate principal
<br />amount of General Obligation Public Improvement and Public Utility Bond Anticipation
<br />Notes (the "2000 Notes") for the following purposes and in the following amounts: to
<br />refinance the 1999 Notes ($9,900,000), finance the capital improvements described in
<br />the 1997 Ordinance ($10,100,000) and finance the public improvements described in
<br />the 1998 Resolution ($3,000,000) and the 1999 Resolution ($5,000,000):
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA:
<br />
<br /> 1. Details and Sale of 2000 Notes. In accordance with and pursuant to
<br />Section 2 of the 1994 Ordinance, Section 2 of the 1997 Ordinance, Section 4 of the
<br />1998 Resolution and Section 4 of the 1999 Resolution, the Council hereby approves the
<br />issuance and sale of the 2000 Notes in the amounts and for the purposes described in
<br />the foregoing paragraph. The 2000 Notes shall be dated the date of their issuance and
<br />delivery and shall mature on March 31, 2001. The 2000 Notes shall be subject to
<br />redemption at the option of the City on or after January 1, 2001 upon terms to be
<br />approved by the City's Chief Financial Officer. The City Manager and the City's Chief
<br />Financial Officer, or either of them, are authorized and directed to provide for the
<br />issuance and sale of the 2000 Notes upon the terms and conditions set forth in the
<br />City's Invitation for Bids, dated March 13, 2000 and the bid received from First Union
<br />National Bank and such other terms as such officers, or either of them, may approve.
<br />The form of the 2000 Notes attached to this resolution as Exhibit A is hereby approved,
<br />ratified and confirmed by the Council.
<br />
<br /> 2. Tax Covenant. The City covenants that it shall comply with the provisions
<br />of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended, and
<br />the Treasury Regulations promulgated thereunder, applicable to the 2000 Notes,
<br />throughout the term of the 2000 Notes.
<br />
<br /> 3. Appointment of Reqistrar. The Chief Financial Officer shall serve as
<br />Registrar for the 2000 Notes.
<br />
<br /> 4. Execution of 2000 Notes. The City Manager is authorized and directed to
<br />execute and deliver the 2000 Notes to the purchaser thereof upon payment of the
<br />purchase price and the City Clerk is authorized and directed to affix the seal of the City
<br />thereto and to attest the same. The manner of execution and affixation of the seal may
<br />be by facsimile, provided, however, that if all of the signatures are by facsimile, the 2000
<br />Notes shall not be valid until signed at the foot thereof by the manual signature of the
<br />Registrar.
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