Minutes 06/22/1982 - Laserfiche WebLink

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June 22, 1982 "A RESOLUTION AUTHORIZING THE ISSUANCE OF THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000) PRINCIPAL AMOUNT OF GRANT ANTICIPATION NOTES, SERIES OF 1982, OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING MONEYS TO PAY A PORTION OF THE COSTS OF ACQUISITION, CONSTRUCTION AND INSTALLATION OF WASTEWATER TREATMENT WORKS OF AND FOR SUCH CITY IN ANTICIPATION OF THE RECEIPT OF THE PROCEEDS OF A GRANT DUE TO SUCH CITY FROM THE UNITED STATES OF AMERICA, ACTING BY AND THROUGH THE ENVIRONMENTAL PROTECTION AGENCY; FIXING THE FORM OF SUCH NOTES AND PROVIDING FOR THE SALE OF SUCH NOTES. WHEREAS, the United States of America, acting by and through the Environmental Protection Agency (the !'EPA"), has awarded the City of Portsmouth, Virginia (the "City"), a grant in the amount of $10~872,370 (the "Grant") for the purpose of paying a portion of the costs of the acquisition, construction and installation of wastewater treatment works of and for the City (the "Project"); and WHEREAS, the City is empowered under Section 15.1-222 of the Code of Virginia, 1950, as amended, to. borrow money for the purpose of meeting appropriations made for the then current year, in anticipation of the collection of the taxes and revenues for such fiscal year and within the amount of such appropriations; and WHEREAS, the City has appropriated $4,404,O20 during the fiscal year ending June 30, 1983 in anticipation of revenues due to the City in respect of the Grant; and WHEREAS, the City is due to receive approximately $4,404,020 of the Grant during the fiscal year ending June 30, 1983; and WHEREAS, in the judgment of the Council of the City, it is necessary and expedient to issue and sell general obligation Grant Anticipation Notes of the City in the principal amount of Three Million Two Hundred Thousand Dollars ($3,200,000) pursuant to such Section 15.1-222 for the purpose of providing moneys to pay a portion of the costs of the acquisition, construction and installation of the Project in anticipation of the receipt of revenues consisting of the proceeds of the Grant; and WHEREAS, the borrowing authorized to be made hereby at the time the same is made will be for the then current fiscal year, i.e., the fiscal year ending June 30, 1983. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmout~ Virginia: Section 1. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, 1950, as amended, the same being the Public Finance Act, in particular Section 15.1~222 thereof, and the Charter of the City, as amended, for the purpose of providing moneyg to pay a portion of the costs of the Project in anticipation of the receipt by the City of revenues consisting of the proceeds of the Grant (as defined in the recitals to this Resolution), there are hereby authorized to be issued Three Million Two Hundred Thousand Dollars ($3,200,000) principal amount of general obligation revenue anticipation notes of the City to be designated "City of Portsmouth, Virginia, Grant Anticipation Notes, Series of 1982" (the "Notes"). The Notes shall be dated as of July 1, 1982; shall be issued of the denomination of $ each; shall be numbered from 1 through , both inclusive; shall mature and become due and payable on'June 30, 1983; and shall bear interest from their date (computed on the basis of a 360-day year of twelve 30-day months) payable at maturity at the rate of per centum ( %) per annum. The Notes shall not be subject to redemption or prepayment prior to their stated maturity. Section 2. The principal of and interest on the Notes shall be payable in such coin or, currency of the United States of America as at the respective dates of payment is legal tender for public and private debts. The principal of and interest on the Notes shall be, payable at the principal corporate trust office of the Virginia National Bank, in Norfolk, Virginia, or, at the option of the holder of any Note, at the principal corporate trust office of The Chase Manhattan Bank, N.A., in New York, New York, as the Paying Agents for the Notes. Section 3. The Notes shall be and hereby are made payable as follows: (a) the interest ~ ion the Notes from their date to their stated maturity shall be paid from proceeds from the sale of the Notes deposited in the Note Repayment Account created and established pursuant to, aid to ~e held in trust and administered by the City under, this Resolution; and (b) the principal of the Notes~shall be paid from the proceeds of the~ Grant deposited in the Note Repayment Account to the extent such proceeds shall exceed $1,204,O20. There shall be and hereby is pledged to the payment of the principal of and interest on the Notes as the same shall become due the proceeds of the Grant and the proceeds of the Notes on deposit in the Construction Account created and established pursuant to, and to be held in · trust and administered by the city under, this Resolution,. until such proceeds shall be expended in accordance w~th the provisions of this Resolution. The full faith and credit of the City shall be and hereby are irrevocably pledged to the payment of the principal of and interest on the Notes as the same become due. In each year while the Notes, or any of them, are outs.tanding and unpaid, there shall be assessed, levied and collected, at the same time and in the same manner as other taxes in the City are assessed, .levied and collected, upon all property within the City subject to taxation by the City, a tax sufficient to provide for the payment of the principal of and interest on the Notes as the same become due, if the amounts deposited in the Note Repayment Account pursuant to this Resolution shall be insufficient to meet the obligations herein set forth.