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Nn~emher ~, lqfiS
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<br />and distributed a preliminary and a final Official Statement relating to any Notes in such for~
<br />as shall be approved by the Director of Finance. The issuance and details of such Notes shall
<br />be governed by the provisions of Section 15.1-223 of Title 15.1, Chapter 5, Article 7 of the
<br />Code of Virginia, 1950, as amended, and Article I of Chapter 11 of the Code of the City. Each
<br />Note issued hereunder shall be accompanied by a certificate of the City Manager and the Direc-
<br />tor of Finance of the City in the form prescribed in Section 11-17 of the Code of the City.
<br />The provisions of paragraph 2 hereof shall apply to the Notes to the extent the same are not
<br />paid from the proceeds of the Bonds or from any other available funds. The sale of the Notes
<br />and the form and other details thereof shall be approved, ratified and confirmed by resolution
<br />of this Council. Bonds in anticipation of which the Notes are issued must be issued and sold
<br />in acsordance with this resolution not later than five Fears of the date of original issue of
<br />the first Notes.
<br />
<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 Circuil
<br />Court of the City of Portsmouth, Virginia, and such City Clerk shall be and hereby is directed
<br />to publish once within ten (10) days of the date of filing of such resolution a notice with
<br />respect thereto in The Virginian Pilot, a newspaper of general circulation in the City, in
<br />accordance with Sect~n 15.1-199 of the Code of Virginia, 1950, as amended. Such notice shall
<br />be in substantially the following form:
<br />
<br />"LEGAL NOTICE"
<br />
<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 January 13, 1981, a
<br />resolution authorizing the issuance, as a whole at one time or in part from time to time,
<br />$1,824~876 aggregate principal amount of general obligation bonds and further authorizing and
<br />providing for the issuance and sale of general obligation bond anticipation notes in anticipa-
<br />tion of the issuance of such bonds and .caused a certified copy of such resolution to be filed
<br />with the Circuit Court of the City of Portsmouth on , 19
<br />
<br /> The proceeds of sale
<br />of the public improvement
<br />opposite the descriptions
<br />
<br />of such bonds and notes shall be applied to the payment of the costs
<br />projects described below in substantially the amounts set forth
<br />of the respective projects:
<br />
<br />PROJECTS AMOUNTS
<br />
<br />Community Services
<br />Education
<br />Parks and Recreation
<br />Publin Safety
<br />Drainage, Curbs, Gutters, and
<br /> S~reet 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 />957,489
<br />59,116
<br />
<br />Total $1,824,876
<br />
<br />provided, that if any such project shall require less than the entire respective amount set
<br />forth above, the difference may be applied to pay the cost of any other project so set forth.
<br />
<br />City Clerk
<br />City of Portsmouth, Virginia"
<br />
<br />6. This resolution shall take effect from the date of its adoption."
<br />
<br />Ayes: Barnes, Beamer, Gray, Holley, Webb, Whitlow, 3ohansen
<br />Nays: None
<br />
<br /> 83-416 - Letter from the City Manager recommending adoption of a resolution authorizing
<br />the issuance of Industrial Development Revenue Bonds for Carwell and Scialdone Properties, ~n
<br />the estimated amount of $600,000, for properties located on Court and County Street (Pythian
<br />Castle).
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority [PRHA) held a public hearing on
<br />Tuesday, November 1, 1983, to consider the issuance of Industrial Development Revenue Bonds
<br />for Carwell and Scialdone Properties, in the amount estimated at $600,000, for properties
<br />located on Court and County Streets (Pythian Castle). In accordance with the applicable
<br />federal and state law, PRHA has requested City Council to approve the issuance of said bonds.
<br />
<br />The attached resolution has been prepared by the City Attorney and I recommend its approw
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR CARW~LL AND SCIALDONE PROPERTIES, IN AN AMOUNT ESTIMATED AT $600,000
<br />FOR PROPERTIES LOCATED ON COURT AND COUNTY STREETS (PYTHIAN CASTLE).
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