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March 9, 1982
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<br /> WHEREAS, there are no funds in the Treasury of the City applicable to the payment of the
<br />costs of such projects and, accordingly, it is necessary to authorize the issuance of three
<br />million, two hundred seventeen thousand, nine hundred sixty four dollars ($3,217,964) aggregal
<br />principal amount of general 9bligation bonds of the City to pay such costs and in anticmpatio~
<br />thereof to a~thorize and provide for the issuance and sale of general obligation bond antici-
<br />pation notes;
<br /> NOW, THEREFORE, BB IT RBSOLVBD by the Council of the City of Portsmouth, Virginia:
<br /> 1. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, the same being the Public
<br />Finance Act, and the Charter of the City, for the purpose of providing funds to pay the costs
<br />of public improvement projects of the City as set forth in paragraFh 3, there are hereby authc
<br />rized to be issued and sold three million, two hundred seventeen thousand, nine hundred sixty
<br />four dollars ($3,217,964) aggregate principal amount of general obligation bonds of the City
<br />(the "Bonds"). As determined by resolution of the Council, or determined by the Director of
<br />Finance of the City which dekermination shall be approved or ratified by resolution of the
<br />Council adopted prior to or at the time of sale of the particular Bonds: the Bonds may be
<br />sold in their entirety at one time, or in part from time to time, at any time and the Bonds ~
<br />of each issue shall be in such form, be of such denominations, be payable at such time or time
<br />not exceeding forty (40) years from their date, bear interest at a rate or rates not exceeding
<br />the maximum rate of interest authorized by law at the time of the sale of such Bonds, be sold
<br />in such manner and have such other details as are deemed necessary or advisable. ~he City may
<br />sell all or part of the Bonds alone or contemporaneously with any other general obligation
<br />bonds or with any general obligation bond anticipation notes of the City.
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<br /> 2. The full faith and credit of the City shall be and hereby is irrevocably pledged to th
<br /> payment of the principal of and interest on the Bonds as the same become due. In each year
<br /> while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed, levied
<br /> and collected, upon all property within the City subject to taxation by the City, a tax suffi-
<br /> cient to provide for the payment of the principal of and interest on the Bonds as the same
<br /> become due.
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<br /> 3. The proceeds of sale of the Bonds shall
<br />public improvement projects described below in
<br />the descriptions of the respective projects:
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<br />be applied to the payment of the costs of the
<br />substantially the amounts set forth opposite
<br />
<br />Projects Amount
<br />
<br />Capital Improvements, extensions
<br /> and additions to the water and
<br /> sewer system
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<br />$ 3,217,964
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<br />Total $ 3,217,964
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<br />provided, that if any such project shall require less than the entire respective amount set
<br />forth above, the difference may be applied to pay the cost of any other project so set forth.
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<br /> 4. In anticipation of the issuance of the Bonds and the receipt of the proceeds thereof,
<br />there are hereby authorized to be issued and sold $3,217,964 agaregate principal amount of
<br />general obligation bond anticipation notes of the City (the "Notes"). The proceeds of the
<br />Notes shall be applied for the same purposes and in the same respective amounts as are specif~
<br />in paragraFh 3 with respect to the application of the proceeds of the Bonds. The Notes may be
<br />issued in their entirety at one time, or in part from time to time, at any time; shall mature
<br />and be payable within two years from their date; and shall be sold at competitive or negotiate
<br />sale at not less than par plus interest accrued thereon from the date thereof to the date of
<br />the delivery thereof and payment therefor and on such other terms and conditions as are determ
<br />by the Director of Finance of the City. The City may sell all or part of the Nctes alone or
<br />contemporaneously with any other general obligation notes or with any general obligation bonds
<br />of the City. If any Nctes are offered for competitive sale, a notice of sale shall be pub-
<br />lished in such form as shall be prescribed by the Director of Finance of the City, in The
<br />Daily Bond Buyer, a financial journal published in the City of New York, New York and The
<br />Virginian Pilot~._a_newsp~per of general publication in the City, at least once in each--~ch
<br />paper, or at least once zn either such paper, with the date of the first publication to be at
<br />least seven (7) days prior to the date of sale of such Notes. There may also be prepared and
<br />distributed a preliminary and a final Official Statement relating to any Notes in such form as
<br />shall be approved by the Director of Finance. The issuance and details of such Notes shall be
<br />governed by the provisions of Section 15.1-223 of Title 15.1, Chapter 5, Article - of the Code
<br />of Virginia, 1950, as amended, and Article I of Chapter 11 of the Code of the City. Each Not~
<br />issued hereunder shall be accompanied by a certificate of the City Manager and the Director o~
<br />Finance of the City in the form prescribed in Section 11-17 of the Code of the City. The
<br />provisions of paragraph 2 hereof shall apply to the Notes to the extent the same are not paid
<br />from the proceeds of the Bonds or from any other available funds. The sale of the Notes and
<br />the form and other details thereof shall be approved, ratified and confirmed by resolution of
<br />this Council. Bonds in anticipation of which the Notes are issued must he issued and sold in
<br />accordance with this resolution not later than five years of the date of original issue of th~
<br />first Notes.
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<br /> 5. The City Attorney of the City shall be and hereby is directed to file a copy of this
<br /> resolution, certified by the City Clerk of the City to he a true copy thereof, with the Circui
<br /> Court of the City of Portsmouth, Virginia, and such City Clerk shall be and hereby is directed
<br /> to publish once within ten (10) days of the date of filing of such resolution a notice with
<br /> respect thereto in The Virginian Pilot, a newspaper of general circulation in the City, in
<br /> accordance with Section 15.1-199 of the Code of Virginia, 1950, as amended. Such notice shall
<br /> be in substantially the following form:
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