|
May 25, 1982
<br />
<br /> On mction of Mr. Beamer and seconded by Mr. Gray, the following ordinance was approved
<br />on first reading, and by unanimous vote:
<br />
<br />"AN ORDINANCE TO APPROPRIATE $3,800 FROM THE PUBLIC LAW LIBRARY FUND FOR THE
<br />OPERATION AND MAINTENANCE OF THE PUBLIC LAW LIBRARY."
<br />
<br /> 82-179 "Consideration Of a
<br />and sale of $10,000,000 of General
<br />paying the cost of various public
<br />
<br />resolution approving, ratifying and confirming the issuance
<br />Obligation Bond Anticipation Notes for the purpose of
<br />improvement projects.
<br />
<br /> Previous bond resolutions require the City Council to ratify the issuance of Bond
<br />Anticipation Notes. $10,000,000 in Bond Anti$ipation. Notes have been issued and are outstand-
<br />ing. this amount reflects $2,350,000 in new issues since the last ratification, January 26,
<br />1982. Details of each none with respect to the principal amount, purpose, original issue
<br />and renewal dates and the respective interest rates are included in theCresolution. The
<br />City Manager recommends adoption."
<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 OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, APPROVING,
<br />RATIFYING AND CONFIRMING tHE ISSUANCE AND SALE OF $10,OOO,O00 PRINCIPAL AMOUNT
<br />OF GENERAL OBLIGATION BOND ANTICIPATION NOTES OF SUCH CITY FOR THE PURPOSE OF
<br />PAYING THE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS IN ANTICIPATION OF THE
<br />ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF GENERAL OBLIGATION BONDS OF
<br />SUCH CITY FOR SUCH PURPOSES AND APPROVING, RATIFYINS AND CONFIRMING THE FORM
<br />AND OTHER DETAILS OF SUCH NOTES.
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia (the "City"), on January 13,
<br />1981 adopted a resolution entitled "A RESOLUTION AUTHORIZING THE ISSUANCE OF $10,754,837
<br />OF GENERAL OBLIGATION BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING
<br />FUNDS TO PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING AND
<br />PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGA-
<br />TION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS
<br />OF SALE OF SUCH BONDS AND APPROVING, RATIFYING AND CONFIRMING THE ISSUANCE OF $2,050,000
<br />PRINCIPAL AMOUNT OF SUCH GENERAL OBLIGATION BOND ANTICIPATION NOTES" (the "Authorizing
<br />Resolution"); and
<br />
<br /> WHEREAS, pursuant to and in accordance with paragraph 5 of the Authorizing Resolution,
<br />the City Attorney filed a copy of the Authorizing Resolution, certified by the City Clerk
<br />to be a true copy thereof, with the Circuit Court of the City, and such City Clerk published
<br />within ten (10) days of the date of such filing a notice with Fespect ~eYeto in"T~e Virginiar
<br />Pilot in substantially the form set forth in paragraFh 5 of the Authorizing Resolution; and
<br />
<br /> WHEREAS, paragraph.4 of the Authorizing Resolution authorizes the ~ssuance and sale
<br />of $10,754,837 aggregate principal amount of general obligation bond anticipation notes of
<br />the City (the "Notes") in anticipation of the issuance of general obligation bonds authorized
<br />to be issued under the Authorizing Resolution and the receipt of the proceeds thereof, pro-
<br />vided the proceeds of the Notes are applied to the same purposes and in the same respective
<br />amounts as are specified in paragraph 3 of the Authorizing Resolution with respect to the
<br />application of the proceeds of such bonds; and
<br />
<br /> WHEREAS, in accordance with and under the authority of paragraph 4 of the Authorizing
<br />Resolution, the Director of Finance has sold $7,700,000 principal amount of the Notes for
<br />the purpose of providing funds to pay the cost of the following projects described in para-
<br />graph 3 of the Authorizing Resolution, the amount of Notes sold for each project being set
<br />forth below:
<br />
<br />Principal Original Issuance Renewal Issuance
<br />Amount Purpose Date Interest Date Interest
<br />
<br />$400~000_ Urban Renewal 8-22-80 6.20%
<br />
<br />12-18-80 10.90%
<br />4-17-81 7.98%
<br />10-14-81 8.92%
<br />2-10-82 8.90%
<br />
<br />$500,000 Urban Renewal
<br /> $3@3,000 8-22-80 6.10% 12-18-80 10.25%
<br />
<br />Urban Transportation
<br />$197,000
<br />
<br />4-17-81 7.79%
<br />10~Ig~8~l 8.85%
<br />2-10-82 8.~5%
<br />
<br />$400,000
<br />
<br />Urban Renewal
<br />$262,573
<br />
<br />12-15-80 10.25%
<br />
<br />4-17-81 ?.84%
<br />10-14-81 8.95%
<br />2-10-82 8.90%
<br />
<br />Urban Transportation
<br />$25,000
<br />
<br />Drainage, Curbs, Gutters
<br />Street Improvements
<br /> $112,427
<br />
<br />and
<br />
<br />$400,000
<br />
<br />Urban Transportation
<br /> $273,000 12-22-80 10.80% 4-17-81 8.00%
<br /> ~n-17-gl 8.g5~
<br />
<br />
<br />
|