|
13
<br />
<br />January 26, 1982
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Gray, the following resolution was adopted
<br />and by the following vote: ,
<br />
<br />"R RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, APPROVING,
<br />RATIFYING AND CONFIRMING THE ISSUANCE AND SALE OF $7,650,O00 PRINCIPAl AMOUNT
<br />OF GENERAl OBLIGATION BOND ANTICIPATION NOTES OF SUCH CITY FOR THE PURPOSE
<br />OF PAYING tHE COST OF VARIOUS PUBLIC IMPROVEMENT PROJECTS IN ANTICIPATION OF
<br />THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF GENERAL OBLIGATION BONDS
<br />OF SUCH CITY FOR SUCH PURPOSES AND APPROVING, RATIFYING AND CONFIRMING THE
<br />FORM 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 OF
<br />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 PROVID-
<br />ING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF GENERAL OBLIGATION
<br />BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE
<br />OF SUCH BONDS AND APPROVING, RATIFYING AND CONFIRMING THE ISSUANCE OF $2,050,000 PRINCIPAL
<br />AMOUNT OF SUCH GENERAL OBLIGATION BOND ANTICIPATION NOTES" (the "Authorizing Resolution"); and
<br />
<br /> WHEREAS, pursuant to and in accordance with paragraph S of the Authorizing Resolution, th
<br />City Attorney filed a copy of the Authorizing Resolution, certified by the City Clerk to be
<br />a true copy thereof, with the Circuit Court of the City, and such City Clerk published within
<br />ten (10) days of the date of such filing a notice with respect thereto in The Virginian Pilot
<br />in substantially the form set forth in paragraph 5 of the Authorizing Resolution; and
<br />
<br /> WHEREAS, paragraph 4 of the Authorizing Resolution authorizes the issuance and sale,of
<br />$10,?54,837 aggregate principal amount of general obligation bond anticipation notes of the
<br />City (the "Notes") in anticipation of the issuance of general obligation bonds authorized to b.
<br />issued under the Authorizing Resolution and the receipt of the proceeds thereof, provided the
<br />proceeds of the Notes are applied to the same purposes and in the same respective amounts as
<br />a~eespecified in paragraph 3 of the Authorizing Resolution with respect to the application
<br />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 $5,950,000 principal amount of the Notes for the
<br />purpose of providing funds to pay the cost of the following projects described in paragraph 3
<br />of the Authorizing Resolution, the amount of Notes sold for each project being set forth below
<br />
<br />Principal
<br />Amount Purpose~
<br />
<br />Original Issuance Renewal Issuance
<br />Date Interest Date I'nterest
<br />
<br />$400,000 Urban Renewal 8-22-80 6.20%
<br />
<br />$500,000
<br />
<br />Urban Renewal
<br />$3O3,0OO
<br />
<br />Urban Transportation
<br />$197,OO0
<br />
<br />Urban Renewal
<br />$262,573
<br />
<br />Urban Transportation
<br />$ 25,000
<br />
<br />$400,000
<br />
<br />8-22-80 6.10~
<br />
<br />12-18-80 10.90%
<br />4-17-81 7.98%
<br />10-14-81 8.92%
<br />
<br />12-18-80 10.25%
<br />
<br /> 4-17-81 7.79%
<br />10-14-81 8.85%
<br />
<br />12-15-80 10.25% 4-1--81 7.84%
<br /> 10-14-81 8.95%
<br />
<br />Drainage, Curbs,
<br /> Gutters and Street
<br /> Improvements
<br /> $112,427
<br />
<br />$400,000
<br />
<br />Urban Transportation
<br />$273,000
<br />
<br />Drainage, Curbs,
<br /> Gutters and Street
<br /> Improvements
<br /> $734,573
<br />
<br />12-22-80 10.80%
<br />
<br /> 4-17-81 8.00%
<br />10-14-81 8.85%
<br />
<br />Community Services
<br />$ 92,427
<br />
<br />$350,000
<br />$4OO,OOO
<br />
<br />Education
<br />$269,227
<br />
<br />Community
<br /> $ 80,773
<br />
<br />Education
<br />$151,843
<br />
<br />Services
<br />
<br />12-29-80 8.75% 3-2-81
<br />
<br />2-24-81
<br />
<br />9.15%
<br />
<br />6-24-81 9977%
<br />10-14-81 8.85%
<br />6-24-81 9.77%
<br />t©-14-81 8.99%
<br />
<br />
<br />
|