Minutes 07/14/1981 - Laserfiche WebLink

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312 July 14~ 1981 WHgREA~,.there are no funds in the Treasury of the City applicable to the payment of the costs~ of such projects and, accordingly, it is necessary to authorize the issuance of five million, two hundred eighty-one thousand, eight hundred fourteen dollars ($5,281,814) aggregate principal amount of general obligation bonds of the City to pay such costs and in anticipation thereof to authorize and provide for the issuance and sale of general obligation bond anticipation notes; NOW, THAREFORE, Bg IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. Pursuant to Chapter 5 of Title 15.1 of the Code of Virginia, the same being the Public Finance Act, and the Charter of the City, for the purpose of providing funds to pay the costs of public improvement projects of the City as set forth in paragraph 3, there are hereby authorized to be issued and sold five million, two hundred eighty-one thousand, ei.gh~ hundred £ourteen dollars ($8,281,814' aggregate principal amount of general obli~gation bonds of the City (the "Bonds"). As determined by resolution of the Council, or determined by the Director of Finance of the City which determination shall be approved or ratified by resol~ti:~n, of the Council adopted prior to or at the time of sale of the particular Bonds: the Bonds may be sold in their entirety at one time, or in part from time to time, at any time and the Bonds of each issue shall be in such form, be of such denominations, be payable at such time or times not exceeding forty (40) years from their date, bear mnterest at a rate or rates not exceeding the maximum rate of interest authorized by law at the time of the sale of such Bonds, be sold in such manner and have such other details as are deemed necessary or advisable. The City may sell all or part of the Bonds alone or contemporaneous] with any other general obligation b.cnds or with any general obligation bond anticipation notes of the City. 2. the full faith and credit of the City shall be and hereby is irrevocably pledged to the payment of the principal of and interest on the Bonds as the same become due. In each year while the Bonds, or an} of them,' are outstanding and unpaid, there shall be assessed levied and collected, upon all property within the Cit~ subject to taxation by the City, a tax suffici~n~ to provide for the payment of the princmpal of and interest on the Bcads as the same become due. 3. The proceeds of sale of the Bonds shall be the public improvement projects described below in the descriptions of the respective projects: applied to the payment of the costs of substantially the amounts set ~orth opposi- Projects Amount Community Services Parks and Recreation Public Safety Drainage, Curbs, Gutters and Street Improvements Urban Transportation Urban Renewal Crawford Harbor-Waterfront $ 708,171 80,000 429,000 146,~00 795,000 450,000 2,673,543 Total $ 5,281,814 provided, that if any such Froject shall require less set forth ahoy.e, the difference may be applied to pay forth. than the entire respemtive amount the cost of any other project so set 4. In anticipation of the ~ssuance of the Bonds and the receipt of the proceeds thereof, there are hereby authorized to be issued and sold $5,281,814 aggregate principal amount of general obligation bond anticipation notes of the City (the "Notes"). The proceeds of the Notes shall be applied for the same purposes and in the same respective amounts as are specified in paragraph 3 with respect to the application of the proceeds of the Bonds. The Notes maX be issued in their entirety at one time, or in part from time to time, at any time; shall mature and be payable within two years from their date; and shall be sold at competitive or negotiated sale at not less than par plus interest accrued thereon from the date thereof to the date of the delivery thereof and payment therefor and on such other terms and conditions as are determined by the Director of Finance of the City. The City may,se&d .a~l~ or part of the Notes alone or contemporaneously with any other general obligatio~ notes or with any general obligation bonds of the City. If any Notes are offered for competi- tive sale, a notice of sale shall be published in such form as shall be prescribed by the Director o6 Finance of the City, in The Daily Bond Buyer, a financial journal published in the City of New York, New York and-The Virginian Pilot, a newspaper of general publication in the City, at least o~co mn each such paper, or at least once in either such paper, with ~he date of the first publication to be at least seven (7) days prior to the date of sale of such Notes. There may also be prepared and distributed a preliminary and a final Official Statement relating to any Notes in such form as shall be approved by the Director of Finance. The issuance and details of such Notes shall be governed by the provisions of Section 15.1-Z23 of Title 15.1~ Chapter 5, Article - of the Code o.f Virginia, 1950, as amended, and Article I of Chapter 11 of the Code of the City. Each Note issued hereunder shall be accompanied by a certificate of the City Manager and the Director of Finance of the City in the form prescribed in Section 11-17 of the Code of the City. The provisions of paragraph 2 hereof shall apply to the Notes to the extent the same are not paid from ~he proceeds of the Bonds or from any other available funds. The sale of the Notes and the form and other details thereof shall be approved, ratified and confirmed bM resolution of this Council. Bonds in anticipation of which the Notes are issued must be issued and sold in accordance with this resolution not later than five years of the date of original issue of the first Notes.