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<br />
<br />July 13, 1982
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $2,320,O00 OF GENERAL OBLIGATION BONDS OF THE C~TY
<br />OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST OF VARIOUS IMPROVE-
<br />MENT PROJECTS OF SUCH CITY AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE
<br />OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE
<br />ISSUANCE AND RECEIPT OF 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 mmprovement projects as hereinafter set forth; and
<br />
<br /> WHEREAS, there are no funds in the Treasury of the City applicable to the payment of the
<br />costs of such Frojects and, accordingly, it ms necessary to authorize the issuance of two
<br />million, three hundred twenty thousand dollars ($2,320,OOO[ aggregate principal amount of
<br />general obligation bonds of the City to pay such costs and in anticipation thereof to authorize
<br />and provide for the issuance and sale of general obligation 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 15.1 of the Code of Virginia, the same being the Pub
<br /> Finance Act, and the Charter of the City, for the purpose of providing funds to pay the co
<br /> public improvement projects of the City as set forth in paragraph 3, there are hereby autho-
<br />to be issued and sold two million, three hundred twenty thousand dollars ($2,320,000) aggrel
<br />.pringipal amount of ~eneral ob$i~atign bondst~~ ~he City (thee "Bonds"]. As determined by
<br />reso±utlon ot the CoUncil, or ae~ermmned by pirector of ~inance of the City which
<br />determiaation shall be approved or ratifie~ by resolution of the Council adopted prior to
<br />or at the time of sale of the particular Bonds: the Bonds may be sold in their entirety
<br />at one time, or in part from time to time, at any time and the Bonds of each issue shall
<br />be in such form, be of such denominations, be payable at such time or times not exceeding
<br />forty (40) years from their date, bear interest at a rate or rates not exceeding the
<br />maximum rate of interest authorized by law at the time of the sale of such Bonds, be sold
<br />in such manner and have such other details as are deemed necessary or advisable. The City
<br />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 shagl 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 upaid, 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 s'hall be applied to the payment of the costs~of
<br />the public improvement projects described below in substantially the amounts set forth ~-
<br />opposite the descriptions of the respective projects:
<br />
<br />PROJECTS
<br />
<br />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
<br />Crawford Harbor-Waterfront
<br />
<br />$ 195,000.
<br /> 600,000.
<br /> so;ooo.
<br /> 170,000.
<br />
<br /> 250,000.
<br /> 720,000.
<br /> 85,000.
<br /> 250,000.
<br />
<br /> TOTAL $2,320,000.
<br />
<br />provided, that if any such project shall require less than the entire respective amount
<br />set forth above, the difference may be applied to pay the cost of any other project so set
<br />forth.
<br />
<br /> 4. In anticipation of the issuance of the Bonds and th~ receipt of the proceeds
<br />thereof, there are hereby authomized to be issued and sold $2,320,000 aggregate principal
<br />~mount of general obligation bond anticipation notes of the City (the "Notes"). The
<br />proceeds of the Notes shall be applied for the same pruposes and in the same respective
<br />a~ounts as are specified in paragraFh 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 />ti~e, at any time; shall mature and be payable within two years from their date; and shall
<br />~e sold at competitive or negotiated sale at not less than par plus interest accrued
<br />thereon from the date thereof to the date of the delivery thereof and payment 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 contemporaneously with any
<br />other general obligation notes or with any general obligation bonds of the City. If any
<br />Notes are offered for competitive sale, a notice of sale shall be published in such form
<br />as shall be prescribed by the Director of Finance of the City, in The Daily Bond Buyer, a
<br />financial journal published in the City of New York, New York and Th'e Virginian Pilot, a
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