Agenda 03/23/1999 - Laserfiche WebLink

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I "Registrar" shall mean the Paying Agent, or the successors or assigns serving as such hereunder. "Underwriter" shall mean Davenport & Company, LLC, Richmond, Virginia. Section 2 - Findings 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 assisting in the financing of the acquisition, construction and equipping of renovations, additions and improvements to classrooms and other spaces at the Albert Harris Elementary School, located in the City (the "Project"), for costs of issuance of the Notes and for the payment of interest on the Notes; (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 support the City's public schools; (iii) the most effective, efficient and expedient manner in which to provide such funds is through general obligation notes in an original principal amount not to exceed $7,500,000 (the "Notes"), to be issued by the City as further described herein and to be sold to the Underwriter, which has offered to purchase the same on certain terms and conditions pursuant to a Note Purchase Agreement between the Council and the Underwriter (the "Note Purchase Agreement") the form of which has been presented to the Council, the issuance of such Notes 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 Notes 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 exceeds two years and that the Notes are payable and shall mature within the probable useful life of the Project. Section 3 - Authorization. Form and Details of the Notes There is hereby authorized to be issued general obligation notes of the City in an aggregate original principal amount not to exceed $7,500,000 for school construction purposes, as described in Section 2 above. The Notes authorized herein shall be designated "General Obligation Notes (Albert Harris Elementary School Project), Series 1999," shall be issuable as fully registered notes, without coupons, shall be dated the Closing Date, shall be numbered R-1 upwards, shall bear interest payable semiannually on each'January 15 and July 15, beginning January 15, 2000 at the rate per annum (but not to exceed a net interest cost of 5.0%) designated by the Mayor following adoption of this Ordinance but prior to the Closing Date and the Notes shall mature on the Maturity Date. The Notes are subject to redemption prior to maturity at the option oft.he Council at any time after October 1, 1999, in whole or in part, without premium or penalty, as limited by the terms of the Notes, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus interest accrued to the redemption date. 3