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28
<br />
<br />Nnv~mhe~ R; lC~
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Beamer, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,824,876 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 OE A LIKE PRINCIPAL AMOUNT OF GENERAL OBLI-
<br />GATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF
<br />PROCEEDS OF SALE OF SUCH BONDS.
<br />
<br /> WHEREAS, it is ~e.cessary 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 one
<br />million, eight hundred twenty-four thousand, eight hundred seventy six dollars ($1,824,876)
<br />aggregate principal amount of. general obligation bonds of the City to pay~such costs and in
<br />anticipation thereof to authorize and provide for the issuance and sale of general obligation
<br />bond anticipation notes;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Chapter 5 of Title 1S.1 of the Code of Virginia, the same being the Public
<br />Finance Act, and the Charter of the City, for the purpose of providing funds to pay the costs
<br />of public improvement projects of'the City as set forth in p'aragraph 3, there are hereby
<br />authorized to be issued and sold one million, eight hundred twenty-four thousand, eight
<br />hundred seventy-six dollars ($1,824,876) aggregate principal amount of general obligation
<br />bonds of the City (the "Bonds"). As determined by resolution of the Council, or determined
<br />by the Director of Finance of the City which determination shall be approved or ratified by
<br />resolution of the Council adopted prior to or at the time,of sale of the particUlar Bonds: t~e
<br />Bonds may be sold in their entirety at one time, or in part from time to time, at any time and
<br />the Bonds of each issue shall be in such form, be of such denominations, be payable at such
<br />time or times not exceeding forty (40) years from their date, bear interest at a rate or rate~
<br />not exceeding the maximum rate of interest authorized by law at :the.time of the sale of such
<br />Bonds, be sold in such manner and have such other details as are deemed necessary or advisabl~
<br />The 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 to
<br />the payment of the principal of and interest on the Bonds as the same become due. In' each
<br />year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed,
<br />levied and collected, upon all property within the City subject to taxation by the City, a
<br />tax sufficient to provide for the payment .of Zhe principal of ~nd interest on the Bonds as the
<br />same become due.
<br />
<br /> 3. The proceeds of sale of the Bonds shall be applied to the payment of the costs of thc
<br />public improvement projects described below in substantially the amounts set forth opposite ~
<br />the descriptzons of the respective Frojects:
<br />
<br />PROJECTS AMOUNT
<br />
<br />C~ity Services
<br />E~c~ion
<br />Parks and Recreation
<br />Public Safety
<br />Drainage, Curbs, Gutters and
<br /> Street Improvements
<br />Urban Transportation
<br />Urban Renewal and Priority Action
<br />
<br />Programs
<br />
<br />$ 49,926
<br /> 671,070
<br /> 87,275
<br />
<br />-0-
<br />957,489
<br /> 59,116
<br />
<br />Total $1,824,876
<br />
<br />provided, that if any such pro~ect shall require leas than the entire respectzve amount set
<br />forth above, the difference may be applied to pay the cost of any other project so set forth.
<br />
<br /> 4. In anticipation of the issuance of the Bonds and the reaeipt of the proceeds thereof.
<br />there are hereby authorized to be issued and sold $1,824,876 aggregate principal amount of
<br />obligation bond anticipation ko~as~pf~th)aEity (the "Notes"). The proceeds of the Notes shal
<br />be applied for the same purposes and in the same respective amounts as are specified mn para-
<br />graph 3 with respect to the application of the proceeds of the Bonds. The Notes may be issued
<br />zn their entirety at one time, or in part from time ~o. time, at any time: shall mature and
<br />be payable within two years From their date; and shall be sold at competitive or negotiated
<br />sale at not less than par plus interest accrued thereon from the date thereof to the date of
<br />the delivery thereof and payment therefor and on such other terms and conditions as are deter-
<br />mined by the Director of Finance of the City. The City may sell all or part of the Notes aim
<br />or contemporaneously with any other'general obligation notes or with any general~obligation
<br />
<br />bonds of the City.
<br />published zn such
<br />Daily Bond Buyer
<br />Virginian Pilot,
<br />such paper, or at
<br />be at ±east seven
<br />
<br /> If any Notes are offered for competitive sale, a notice of sale shall be
<br />form as shall be prescribed by the Director of Finance of the City, in The
<br /> , a financial journal published in the City of New York, New York and The
<br /> a newspaper of general publication in the City, at least once in each
<br />least once in either such paper, with the date of the first publication to
<br />(7) days prior to the date of sale of such Notes. There may also be prepar~
<br />
<br />
<br />
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