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85
<br />
<br />May 25, 1982
<br />
<br /> WHEREAS, paragraph 4, of the July 14, 1981 _'Authorizing Resolution authorizes the issuanc
<br />and sale of $5,281,814 aggregate principal amount of general obligation bond anticipation note
<br />of the City (the "Notes") in anticipation of the issuance of general obligation bonds authoriz
<br />ed to be issued under the July 14, 1981 Authorizing Resolution and the recepit of the proceed
<br />thereof, provided the p~oceed§ of the'Notes-are applied to the same purposes and in the same
<br />respective amounts as are specified in paragraph 3 of the July 14, 1981 Authorizing Resolutio
<br />with respect to the application of the proceeds of such bonds; and
<br />
<br /> WHEREAS, in accordance with and under the authority of paragraph 4 of the July 14, 1981
<br />Authorizing Resolution, the Director of Finance has sold $2,300,000 principal amount of the
<br />Notes fo~.~he purpose of providing funds to pay the cost of the following projects described
<br />in paragraph 3 of the July 14, 1981 Authorizing Resolution, the amount of Notes sold for each
<br />project being set forth below:
<br />
<br />Principal Original Issuance Renewal Issuance
<br />Amount Purpose Date Interes~ Date Interest
<br />
<br />$1,20~,000 Co~manity Services
<br /> $504,305
<br />
<br />11-17-81 8.27% 2-10-82 9.22%
<br />
<br />Parks and Recreation
<br />$42,106
<br />
<br />Public Safety
<br />$422,489
<br />
<br />Drainage, Curbs, Gutters
<br />$86,100
<br />
<br />Urban Transportation
<br />$145,000
<br />
<br />$ 500~000 Community Services 1-5-82 8.0% 5-5-82 8.30%
<br /> $30,000
<br />
<br />Public Safety
<br />$34,000
<br />
<br />Drainage, Curbs, Gutters
<br />$50,000
<br />
<br />Urban Transportation
<br />$196,000
<br />
<br />U~ban Renewal
<br />$132,334
<br />
<br />Crawford Harbor
<br />$57,666
<br />
<br />$ 300,000 Education 3-30-82 8.87~%
<br />$100,000
<br />
<br />Crawford Harbor
<br />$200,000
<br />
<br />$ 300,000 Crawford Harbor 5-11-82 8.25%
<br /> $500,000
<br />
<br /> WHEREAS, in accordance with Section 11-17 of the Code of the City, the City Manager and
<br />the Director of Financ~ executed and delivered the certificate required by such section to
<br />the City Treasurer, and the City Treasurer and the City Clerk, in accordance with the
<br />instructions set forth in such certificate, issued and delivered $2,300,000 aggregate
<br />principal amount of the Notes, a photocopy of the Note§ in s~c~:'princ~al am6n~t being attach-
<br />ed hereto as Exhibi~ B; and
<br />
<br /> WHEREAS, the Council of the City desires to approve, ratify and confirm the actions
<br />of the City Clerk, the City Manager, the City Treasurer, and the Director of Finance in
<br />issuing, selling, executing and delivering such Notes and t.h~ form and details thereof,
<br />all in accordance with paragraFh 4 of the July 14, 1981 Authur~F.ing Resolution.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA:
<br />
<br /> 1. This Council hereby approves, ratifies and confirms the actions of the City Clerk,~
<br />the City Manager, the City Treasurer, and the Director of Finance of the City in ~ssuzng,
<br />selling, executing and delivering Ten Million ($10,OO0,000) Dollars aggregate principal amount
<br />of the Notes at a purchase price of par plus interest accrued thereon from the date thereof
<br />to the date of delivery thereof and payment therefor. This Council further approves, ratifies
<br />and confirms the form of the Notes attached hereto as Exhibit A and Exhibit B.
<br />
<br />2. This resolution shall tak~ effect from the date of its adoption."
<br />
<br />Ayes: Barnes, Beamer, Gray, Oast, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br />
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