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'F86
<br />
<br />January 13, 1981
<br />
<br />short term financing until the bond market improves. The City Manager recommends adoption on
<br />first reading."
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Oast, the following ordinance was approved on
<br />first reading, and by unanimous vote:
<br />
<br />"AN ORDINANCE TO APPROPRIATE $175,000 FROM THE DEB~ SERVICE FUND FOR THE
<br />PAYMENT OF ADDITIONAL NOTE INTEREST ON BOND ANTICIPATION NOTES."
<br />
<br /> 81-7 "Consideration of a resolution authorizing the issuance of $10,754,837 of General
<br />Obligation Bonds of the City of Portsmouth, Virginia, for the purpose of providing funds to
<br />pay the cost of various improvement projects of such City and authorizing and providing with
<br />respect to the issuance and sale of like principal amount of General Obligation Bond Anti-
<br />cipation Notes in anticipation of the issuance and receipt of the proceeds of sale of such
<br />bonds and approving, ratifying and confirming the ~ssuance of $2,050,000 principal amount
<br />of such General Obligation Bond Anticipation Notes.
<br />
<br /> This resolution supercedes previous resolutions adopted authorizing $10.2 million in
<br />bonds and includes the approximately $500,000 appropriation made since the adoption of the
<br />previous resolution. The City's bond attorney has recommended that more detailed information
<br />similar to the type of resolution adopted as part of the bond prospectus, which further
<br />clarifies the legal authorization for issuing bond antmcipation notes, be included as part of
<br />our resolution for bond authorizations now and in the future. Also, the resolution requires
<br />that Council ratify the issuance and renewal of bond anticipation notes periodically. The
<br />City Manager recommends adoption."
<br />
<br /> On motion of Mr. Whitlow and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE ISSUANCE OF $10,754,837. ©~ GENERAL OBLIGATION
<br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR THE PURPOSE OF PROVIDING FUNDS
<br />TO PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY AND AUTHORIZING
<br />AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT
<br />OF GENERAL OBLIGATION BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE
<br />AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS AND APPROVING, RATIFYING
<br />AND CONFIRMING THE ISSUANCE OF $2,O50,O00. PRINCIPAL AMOUNT OF SUCH GENERAL
<br />OBLIGATION BOND ANTICIPATION NOTES.
<br />
<br /> WHEREAS, it is necessary for the City of Porrtsmouth, Virginia (the "City") to provide
<br />funds for the public ~mprovement projects as hereinafter set forth; and
<br />
<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 ten
<br />million, seven hundred fi~ty-four thousand, eight hundred thirty-seven dollars ($10,754,837.)
<br />aggregat~ pri~o£pal-a~o~nty~f~ge~e:~l oblSg~.t~_~d,~ ~f~.~h~-City ~ok.pay such costs and in
<br />a~t}c~pati~n thereof ~o authorize and provide fo'r the issuance and sale of general obligation
<br />bond anticipation notes;
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. Pursuant to Chapter 5 of Title 1S.1 of the Code of Virginia, the same being the
<br />Public Finance Act, and the Charter of the City, for the purpose of providing funds to pay the
<br />costs of public improvement projects of the City as set forth in paragraFh 3, there are hereby
<br />authorized to be issued and sold ten million, seven hundred fifty-four thousand, eight hundred
<br />thirty-seven dollars ($10,754,837.) aggregate principal amount of general obligation bonds
<br />of the City (the "Bonds"). As determined by resolution of the Council, or determined by the
<br />Director of Finance of the City which determination shall be approved or ratified by resolutio
<br />of the Council adopted prior to or at the time of sale of the particular Bonds: the Bonds
<br />may be sold in their entirety at one time, or in part from time to time, at any time and the
<br />Bonds of each issue shall be in such form, be of such denominations, be payable at such time
<br />or times not exceeding forty (40) years from their date, bear interest at a rate or rates
<br />not exceeding the maximum rate of interest authorized by law at the time of the sale of such
<br />Bonds, be sold in such manner and have such other details as are deemed necessary or advisable
<br />The City may sell all or part of the Bonds alone or contemporaneously with any other general
<br />obligation bonds or with any general obligation bond anticipation no.tes of the City.
<br />
<br /> 2. The full faith and credit of the City shall be and hereby is irrevocably pledged
<br />to the payment of the principal of and interest on the Bonds as the same become due. In
<br />each year while the Bonds, or any of them, are outstanding and unpaid, there shall be assessed
<br />levied and collected, upon all property within the City subject to taxation by the City, a tax
<br />sufficient to provide for the payment of the principal of and interest on the Bonds as the sam
<br />become due.
<br />
<br /> 3. The proceeds of sale of the Bonds shall be applied to the payment of the costs
<br />of the public improvement projects described below in substantially the amounts set forth
<br />opposite the descriptions of the respective projects:
<br />
<br />Projects Amount
<br />
<br /> Community Services
<br /> Parks and Recreation
<br /> Education
<br />Public Safety
<br /> Drainage, Curbs, Gutters, and Street Improvements
<br /> Urban Transportation
<br /> Urban Renewal
<br /> Crawford Harbor-Waterfront
<br />
<br />$ 559,505
<br /> 854,500
<br /> 421,070
<br /> 122,189
<br /> 207,000
<br /> 510,000
<br /> 965,573
<br /> 7~115.000
<br />
<br />
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