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386
<br />
<br />November 10, 1981
<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 OBLISATION 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 AMOUN? OF GENERAL
<br />OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE
<br />PROCEEDS OF SALE OF SUCH BONDS AND APPROVING, ~TIFYING AND CONFIRMING THE ISSUANCE OF
<br />$2,050,000 PRINCIPAL AMOUNT OF SUCH GENERAL OBLIGATION BOND ANTICIPATION NOTES" (the
<br />"Authorizing 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 b) 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 respect thereto in The Virginian
<br />Pilot in substantially the form set forth in paragraph 5 of the Authorizing Resolution;
<br />and
<br />
<br /> WHEREAS, paragraph 4 of the January 13, 1981 Authorizing Resolution authorizes the
<br />issuance and sale of $10,754,837 aggregate principal amount of general obligation bond
<br />anticipation notes of the City (the "Notes") in anticipation of the issuance of general
<br />obligation bonds authorized to be issued under the Authorizing Resolution and the receipt
<br />of the proceeds thereof, provided the proceeds of the Notes are applied to the same purposes
<br />and in the same respective amounts as are specified in paragraFh 3 of the Authorizing
<br />Resolution 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 Authorizing
<br />Resolution, the Director of Finance has sold $5,950,000 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 />~-17-81 .98%
<br />10-14-81 8.92%
<br />
<br />$500,000 Urban Renewal
<br /> $303,OOO 8-22-80 6.10%
<br />
<br />12-18-80 10.25%
<br />
<br />Urban Transportation
<br />$197,000
<br />
<br /> ~-17-81 ?.79%
<br />10-14-81 8.85%
<br />
<br />$400,000
<br />
<br />Urban Renewal
<br />$262,573
<br />
<br />Urban Transportation
<br />$25,000
<br />
<br />12-18-80 10.25%
<br />
<br /> 4-17-81 7.84%
<br />10-14-81 8.95%
<br />
<br />Drainage, Curbs,
<br /> Gutters and Street
<br /> Improvements
<br /> $112,427
<br />
<br />$4OO,OOO
<br />
<br />Urban Transportation
<br />2273,000
<br />
<br />12-22-80 10.80%
<br />
<br /> 4-17-8] 8.00~
<br />10-14-81 8.85~
<br />
<br />Drainage, Curbs
<br /> Gutters and Street
<br /> Improvements
<br /> $34,573
<br />
<br />Commuflity Services
<br />$92,427
<br />
<br />$350,0OO Education
<br /> $269,227
<br />
<br /> Community Services
<br /> $80,773
<br />
<br />12-29-80 8.75% 3-2-81 9.15%
<br />
<br /> 6-24-81 9.-7%
<br />10-14-81 8.85%
<br />
<br />$400,000 Education
<br /> $151,843
<br />
<br />2-24-51 9.OO% 6-24-81 9.7?%
<br /> 10-14-81 8.99%
<br />
<br />Community Services
<br />$248,157
<br />
<br />$400,000 Community Services
<br /> $400,000
<br />
<br />3-24-81 7.80% --22-81 8.37%
<br /> 10-14-81 9.04%
<br />
<br />$550,OOO Community Services
<br /> $188,543
<br />
<br />4-21-81 8.OO% 10-14-81 8.27%
<br />
<br />Urban Renewal
<br />~361.45-
<br />
<br />
<br />
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