Minutes 02/10/1987 - Laserfiche WebLink

Home Browse Search

'164 TUESDAY, FEBRUARY 10, 1987 6. The Director of Finance of the City is appointed as Bond Registrar to maintain books for the registration and transfer of the 1987 Bonds. Upon surrender for transfer or exchange of any 1987 Bond at the office of the Bond Registrar, the City shall execute and the Bond Registrar shall authenticate and deliver in the name of the transferee a new 1987 Bond in the same principal amount of the 1987 Bond being transferred, subject in each case to such reasonable regulations as the City or the Bond Registrar may prescribe. All 1987 Bonds presented for transfer, exchange, redemption or payment shall be accompanied by a written instrument or instruments of transfer or authorization for exchange, in form and substance reasonably satisfactory to the City and the Bond Registrar, duly executed by the registered owner or by his or her duly authorized attorney-in-fact or legal representative. No 1987 Bond may be registered to bearer. 7. The form and details of the 1987 Bonds shall be subject to the further approval of the Council. 8. The issuance of the 1987 Bonds is subject to the prior approval of the State Council on Local Debt pursuant to Section 15.1-193 of the Code of Virginia, as amended. The City Manager of the City is authorized to take such action as may be necessary to submit an application to the State Council on Local Debt for such approval. 9. Upon the ap.proval of the State Council on Local Debt, the City Manager is authorized to request proposals to purchase the 1987 Bonds from such local financial institutions as he may determine, which proposals are to be submitted to the Council for final approval or rejection. 10. The City hereby designates the 1987 Bonds as "qualified tax-exempt obligations" eligible for the exception from the disallowance of the deduction of interest by financial institutions which is allocable to 'carrying tax-exempt obligations in accordance with the provisions of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code"). The City does not anticipate that the amount of tax-exempt obligations within the meaning of Section 265(b)(3) of the Code issued by it and any subordinate entities during 1987 will exceed $10pOOO,OOO. 11. Any action taken by the officers and agents of the City in connection with the transactions described above is hereby approved, ratified and confirmed. 12. The Clerk of the Council is hereby authorized and directed to immediately cause a certified copy of this Ordinance setting forth the form and details of the Bonds, to be filed with the Circuit Court of the City pursuant to Sections 15.1-199 and 15.1-212 of the Code of Virginia of 1950, as amended. 13. This Ordinance shall take effect immediately. Council unanimously adopted the following resolution which authorizes and directs City Attorney Worthy to apply to the United States Department of Justice for approval of a proposal (recommended by the City's Electoral Board) to eliminate the