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187
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<br />January 13, 1981
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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.
<br />
<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 $10,754,837. aggregate 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 specifi~
<br />in paragraph 3 with respect to the application of the proceeds of th~ Bonds. The Notes may be
<br />issued in their entirety at one time, or in part from time to time, at anytime; shall mature
<br />and be payable within two years from their data; and shall be sold at competitive or negotiated
<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 deter-
<br />mined by the Director of Finance of the City. The City may sell all or part of the Notes alon~
<br />or contemporaneous.ly with any other general obligation notes or with any general obligation
<br />bonds of the City. If any Notes are offered for competitive sale, a notice of sale shall be
<br />published in such form as shall be prescribed by the Director of Finance of the City, in The ~
<br />Daily B~d Buyer, a financial journal published in the City of New York, New York and The
<br />Virginian Pilot, a newspaper of general publication in the City, at least once in each--~-~ch
<br />paper, or at least once in 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
<br />be governed by the provisions of Section 15.1-223 of Title 15.1, Chapter 5, Article 7 of the
<br />Code of Virginia, 1950, as amended, and Article I of Chapter 11 of the Code of the City. Each
<br />Note issued hereunder shall be accompanied by a certificate of the City Manager and the Direc-
<br />tor of Finance of the City in the form prescribed in Section 11-17 of the Code of the City.
<br />The provisions of paragraph 2 hereof shall apply to the Notes to the extent the same are not
<br />paid from the proceeds of the Bonds or from any other available funds. The sale of the Notes
<br />an~ the form and other details thereof shall be approved, ratified and confirmed by resolutio~
<br />of this Council. Bonds in anticipation of which the Notes are issued must be issued and sold
<br />in accordance with this resolution not later than five years of the date of original issue of
<br />the first Notes.
<br />
<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 be a true copy thereof, with the Circuit
<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 />~g~gOzda~ee~'~t~Section 18.1-199 of the Code of Virginia, 1950, as amended. Such notice sh~ll
<br />be in substantially the following form:
<br />
<br />"LEGAL NOTICE
<br />
<br /> Notice is hereby given pursuant to Section 18.1-t99 of the Code of Virginia, 1950, as
<br />amended, that the CoUncil of the city of ~or.tsmo,uth, Virg-inia,. adopted on J:anuary t3, 1981,
<br />a resolution authorizing the issuance, as a whole at one time or in part from time to time,
<br />~!~ip%S~.~ aggregate principal amount of general obligation bonds and further authorizing
<br />and providing for the issuance and sale of general obligation bond anticipation notes in
<br />anticipation of the issuance of such bnnds and caused a certified copy of such resolution
<br />to be filed with the Circuit Court of the City of Portsmouth on , 19
<br />
<br /> The proceeds of sale of such bonds and notes shall be applied to the payment of the costs
<br />of the public improvement projects described betow 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 />P~b~i~ Safety
<br />Drainage, Curbs, Gutters, and Street Improvements
<br />Urban Transportation
<br />Urban Renewal
<br />Crawford Harbor-~aterfront
<br />
<br />$ 559,505
<br /> 884,500
<br /> 421,070
<br /> 122,189
<br /> 207,000
<br /> 510,000
<br /> 965,573
<br /> 7,115,000
<br />
<br />Total $10,754,837
<br />
<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.
<br />
<br />City Clerk
<br />City of Portsmouth, Virginia"
<br />
<br /> 6. This resolution shall supercede all previous resolutions adopted by the Council,
<br />authorizing the issuance of general obligation bonds of the City which have not been issued to
<br />date. The Council hereby approves, ratifies and confirms the issuance of $2,050,000. aggregate
<br />principal amount of general obligation bond anticipation notes (photos of which are attached
<br />hereto) in the principal amounts and on the dates set forth below.
<br />
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