Minutes 09/28/1999 - Laserfiche WebLink

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September 28, 1999 The Council hereby appoints the Deputy City Manager for Finance of the City as the Bond Registrar and Paying Agent for the Bonds. The Council may appoint a subsequent Bond Registrar and/or one or more Paying Agents for the Bonds by subsequent resolution and upon giving written notice to the registered owners of the Bonds specifying the name and location of the principal office of any such Bond Registrar or Paying Agent. Upon surrender for transfer or exchange of any Bond at the principal office of the Bond Registrar, the City shall execute and the Bond Registrar shall authenticate and deliver in the name of the registered owner and/or the transferee or transferees, as appropriate, a new Bond or Bonds of any authorized denomination in an aggregate principal amount equal to the Bond surrendered and of the same series, form and maturity and bearing interest at the same rate as the Bond surrendered, subject in each case to such reasonable regulations as the Council and the Bond Registrar may prescribe. All Bonds presented for transfer or exchange shall be accompanied by a written instrument or instruments of transfer or authorization for exchange, in form and substance reasonably satisfactory to the Bond Registrar, duly executed by the registered owner or by his or her duly authorized attorney-in-fact or legal representative. No Bond may be registered to bearer. New Bonds delivered upon any transfer or exchange shall be valid obligations of the City, evidencing the same debt as the Bonds surrendered, shall be secured by this resolution and the Funding Agreement and entitled to all of the security and benefits hereof and thereof to the same extent as the Bonds surrendered. No charge shall be made for any exchange or transfer of Bonds, but the Bond Registrar may require payment by the person requesting the exchange or transfer of a sum sufficient to cover any tax or other governmental charge which may be imposed with respect to the exchange or transfer of such Bonds. The City Manager, the Deputy City Manager for Finance, and such other officers and agents of the City as the City Manager or Deputy City Manager for Finance may designate, are authorized and directed to take further action as they deem necessary or appropriate regarding the issuance, credit enhancement and sale of the Bonds, including the preparation, execution and delivery of instruments, agreements and documents related to the issuance and sale of any series of the Bonds, the purchase of municipal bond insurance or other credit enhancement for any series of the Bonds if market or other conditions so warrant, the establishment, funding and investment of any construction, construction or sinking funds to be established with respect to any series of the Bonds, and the acquisition of forward purchase or supply arrangements relating to the investment of the proceeds of any series of the Bonds. All actions taken by officers and agents of the City in connection with the issuance and sale of the Bonds are hereby ratified and confirmed. The authorizations granted in this ordinance to the City Manager and the Deputy City Manager for Finance may be carried out by any Deputy or Assistant City Manager, as appropriate, in the absence of the primary officers. The City Attorney of the City is authorized and directed to file a certified copy of this resolution with the Circuit Court of the City pursuant to Sections 15.2-2607 and 15.2-2627 of the Virginia Code. The Council hereby elects pursuant to Section 15.2-2601 of the Virginia Code to issue the Bonds under the Public Finance Act of 1991, Chapter 26, Title 15.2 of the Virginia Code without regard to the requirements, restrictions or other provisions contained in the Charter of the City. The Council acknowledges that, based on the advice of bond counsel, the public hearing held on the general obligation bonds will be sufficient under Section 15.2-2606 for any general obligation bonds in an amount not exceeding $5,950,764.00 the net proceeds of which will be used to finance the School Projects, whether or not such bonds are issued in the form of QZABs.