Minutes 06/22/1982 - Laserfiche WebLink

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111 June 22, 1982 (vii any other obligations or expenses heretofore or hereafter incurred by the City in connection with the Project constituting a proper Project Cost approved by the City and the Consulting Engineer; and (vii) filing fees, legal expenses and fees, fiscal consultant fees and expenses, underwriting fees and expenses, cost of audits and printing in connection with the issuing of the Notes. The amounts in the Construction Account shall be used solely to pay Project Costs and each such payment shall be evidenced by a certificate executed by an authorized representative of the City, which certificate shall be retained in the files of the City relating to the Project. Each such certificate shall certify with respect to each such payment: (i) that none of the items to which such payment relates has formed the basis for any payment theretOfore made from the Construction Account; and (ii) that each item to which such payment relates is or was necessary in connection with the Project. In the case of any contract providing for the retention of a portion of the contract price, there shall be paid fro~ the Construction Account only the net amount remaining after deduction of any such portion. When acquisition, construction and installation of the Project has been completed and all costs thereof have been paid or provisions for such payment has been made, any balance remaining in the Construction Account shall be disposed of as required by EPA and, in the absence of a requirement of the EPA, shall be paid over to the City. lc) There shall be established a trust fund to be designated the "City of Portsmouth, Virginia, Grant Anticipation Notes, Series of 1982, Note Repayment Account" (the "Note Repayment Account"), to be held in trust and administered by the City under this Resolution. Upon issuance of the Notes, there shall be deposited into the Note Repayment Account from the proceeds of the sale of the Notes the amount provided in Section 10(a)(i). The cash and securities in the Note Repayment Account shall be applied solely to the payment of the principal of and interest on the Notes upon their maturity. There shall also be deposited in the Note Repayment Account the proceeds of the Grant to the extent such proceeds exceed $1,204,O20 received by the City and except that the City is hereby authorized, upon receipt of any such~proceeds, to transfer Governmental Obligations from the Construction Account into the Note Repayment Account and to deposit into the Construction Account proceeds from the Grant in the same principal amount as the Governmental Obligations so transferred. Upon the payment in full of all sums due by way of principal and interest on the Notes any sums remaining in the Note Repayment Account shall be transferred to the Construction Account. The term "Governmental Obligations" shall mean securities which are _of, or whose principal and interest are guaranteed by, the United States agencies of the United States of America. direct obligations of America or (d) All moneys in the Note Repayment Account shall be invested and reinvested in Governmental Obligations with maturities consonant with the anticipated uses for funds as indicated by the City. Interest earned on the investments in the Note Repayment Account c~:~hall be transferred as received to and become a part of the Construction Account. All moneys in the Construction Account shall be invested and reinvested in Governmental Obligations with maturities consonant with the anticipated use of funds in the Construction Account as indicated by the City. Ail income received from such investment shall be added to and become a part of the Construction Account. (e) The City makes the following representations and warranties: (i) The City is a municipal corporation of the Commonwealth of Virginia and is duly authorized by the laws of such Commonwealth to acquire, construct and install the Project. (ii) Ail conditions, acts and things, including governmental approvals, required by the laws of such Commonwealth to exist, to happen and to be performed precedent to the undertakings of the City to acquire, construct and install the Project have happened and have been performed in regular and due time, form and manner. (iii) the Grant to installation the City has applied for and has obtained the commitment of the EPA to make the City to pay a portion of the costs of the acquisition, construction and Of the Project (the "EPA Commitment"). Civ) The City has employed the Consulting Engineer to design the Project, to supervise 'the letting of construction contracts therefor and to supervise the acquisition, construction and installation of the Project. As used in this Resolution, the term "Consulting Engineer" shall mean Greeley & Hansen, Richmond, Virginia, or the consulting engineer or consulting engineering firm succeeding such firm as consulting engineer to the City in connection with the acquisition, construction and installation of the Project. (v) The consummation of the breach of, or constitute a default instrument to which the City is a transactions hereby contemplated will not result in any under, any rules of procedure of the City or other party or by which it may be bound or affected. (vi) There are no actions, suits or proceedings pending, or to the knowledge of the City threatened, against or affecting the City or the Project, or involving the validity or enforceability of the Notes or this Resolution at law or in equity, or before or by any governmental authority. (f) The City covenants and agrees as follows: