Minutes 06/22/1982 - Laserfiche WebLink

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June 22, 1982 hereon!~s~hall be' a manUal signature); and this Note to be dated as of July 1, 1982. CITY OF PORTSMOUTH, VIRGINIA (SEAL) ATTEST: Mayor CITY CLERK DIRECTOR OF FINANCE Section 8. The offer of Horner, Barksdale & Co. and Ehrlich-Bober & Co., Inc. (the "Underwriters") to purchase the Notes from the City for a purchase price of $ and accrued interest from the date of the Notes to the date of delivery thereof and payment therefor, in accordance with the terms and conditions of the Note Purchase Agreement dated as of June 22, 1982 between the City and the Underwriters (the "Note Purchase Agreement") submitted~ to and filed with the minutes of the meeting at which this Resolution is being adopted, is accepted, this Council approves the form and content of the Note Purchase Agreement and authorizes and directs the City Manager to execute and deliver the Note Purchase Agreement to the Underwriters in such form. The proceeds of sale of the Notes shall be deposited in accordance with the provisions of Section 10. Section 9. This Council approves the form of Official Statement relating to the Notes submitted to and filed with the minutes of the meeting at which this Resolution is being adopted and authorizes the City Manager and Director of Finance to execute the Official Statement in such form and the Underwriters to use the Official Statement in connection with the sale of the Notes. Section 10. (a) The proceeds of sale of the Notes shall be deposited by the City: (i) in the Note necessary to pay the date; and Repayment Account hereinafter created and established, the amount interest on the Notes from their date until their stated maturity (ii) in the Construction Account hereinafter created and established, the balance of such proceeds. (b!Therg sha{~ be established a trust account to be designated as the "City of PortsmOht~, Virginia, -Grant Anticipation Notes, Series of 1982, Construction Account" (the "Construction Account"), to be held in trust and administered by the City under this Resolution. There shall be deposited in the Construction Account the amount provided in Section lO(a)(ii). In addition, there shall be deposited in the Construction Account any other moneys made available to the City by federal or other grants when accompanied by appropriate instructions from the City to make such deposits, and in such event, investments of such moneys may be restricted in accordance with the instructions then received from the City. W~draw~lm from the Construction Account shall be permitted as to transfers of Governmental Obligations ~as hereinafter defined) as provided in Section 10(c) and to pay Project Costs. The term "Project Costs" shall mean: (i) obligations incurred for labor (including payroll costs of the City's employees according to time spent by such employees on the Project) and to contractors, builders and materialmen in connection with the acquisition, construction and installation of the Project including obligations for machinery, materials and equipment; (ii) land, and interests in land, required specifically for the Project and site improvements required for the ccnstruction or operation of the Project; (iii) the cost of any indemnity and surety bonds deemed necessary by, or required of, the City and the premiums for insurance, if any, in ccnnection with the Project during the construction period, and until all Notes have been fully paid and discharged; (iv) fee~ ~fl~expenses of engineers for surveys and estimates and other preliminary inve~iiations; preparation of plans, drawings and specifications, and supervising construction, as well as for the performance of all other duties of engineers in relation to the Project or the financing thereof; (v) fees and charges of consultants in connection with the Project;