Agenda 11/14/2000 - Laserfiche WebLink

Home Browse Search

"Treasurer" shall mean the Treasurer of the City. "Trustee" shall mean First Union National Bank. "VRA" shall mean the Virginia Resources Authority. "VRA Bonds" shall mean the VRA's Infrastructure Revenue Bonds (Pooled Loan Bond Program) Series 2000B. Section 2 Section 2 Findinl~s and Determinations The Council hereby finds and determines that (i) the City is in need of funds to be used by the City for purposes of the acquisition, construction and equipping of renovations, additions and improvements to the City of Manhsville Landfill, including closure of two areas of the Landfill, drainage system and roadway improvements, and site preparation for transfer station construction, for prepayment in ~A! of the City's $2,700,000 General Obligation Note (Landfill Improvement Project) Series 2000, for costs of issuance of the Bond and for the paymere of interest on the Bond, (ii) the obtaining of such funds will be for municipal purposes of the City for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds for and otherwise provide and operate solid waste management facilities and support the City's municipal purposes (iii) the most effective, efficient and expedient manner in which to provide such funds is by a solid waste revenue bond in the maximum principal amount of $3, I00,000 issued by the City as further described herein (the "Bond") to be sold to the VRA, which has offered to purchase the same on certain terms and conditions pursuant to the Bond Sale Agreement and the Financing Agreement, the forms of which have been presented to the City Council, the issuance of such Bond being within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness and (iv) the issuance of the Bond is in the best interests of the City and its citizens. The Council hereby finds and determines that the probable useful life of the Project, and any and all portions of the Project, exceeds twenty-five years and that the Bond is payable and shall mature within the probable useful life of the Project and the probable useful life of any and all portions of the Project (whether considered alone or as an average useful life of such portions). Section 3 Section 3 Authorization, Form and Details of the Bond There is hereby authorized to be issued a solid waste revenue bond of the City in the aggregate principal amoum of up to $3,100,000 for municipal purposes as described in Section 2 above. The Bond authorized herfin shall be designated "Solid Waste Revenue Bond CLandrill Improvement Project), Series 2000," shall be issuable as a fully registered bond, without coupons, shall be dated the Closing Date, shall be numbered R- 1, shall bear interest at the rates per annum (but not to exceed a net interest cost of 6.0%, exclusive of Supplemental Interest as defined in the Bond) to be approved by the Coundl prior to the Closing Date and the final maturity date of the Bond shall be not later than October 1, 2005. The Bond is subject to redemption, prepayment or refunding prior to maturity only with the written consent of the VRA.