Legislation # 07-0201 Enactment Number none
Type Resolution - Bond Effective Date none
Introduction Date 4/11/2007
Title A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF NOT TO EXCEED TWENTY-NINE MILLION FIVE HUNDRED FORTY THOUSAND DOLLARS ($29,540,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES, SERIES 2007, OF THE CITY OF HAMPTON, VIRGINIA, TO FINANCE VARIOUS CAPITAL IMPROVEMENT PROJECTS IN THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER DETAILS OF SUCH NOTES; APPROVING THE SALE OF SUCH NOTES TO BRANCH BANKING & TRUST COMPANY; AND AUTHORIZING AND APPROVING OTHER ACTIONS WITH RESPECT TO THE ISSUANCE, SALE AND DELIVERY OF SUCH NOTES.
 
Legislation History 07-0201
DateNotice Of ActionDescription
4/11/2007 Approved
4/11/2007 Held Public Hearing
4/11/2007 Presented by Roland Kooch of Davenport & Company. This matter is scheduled for a vote during the evening session.
3/30/2007 Received By Clerk's Office
 
View Attachments 07-0201
FileTypeSizeDescription
EXHIBIT A.doc Exhibit 31K General Obligation Public Improvement Bond Anticipation Note, Series 2007
 
Legislation Text 07-0201

 

City of Hampton, Virginia

Resolution - Bond

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 07-0201

 

Enactment Number: -

 

A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE, SALE AND DELIVERY OF NOT TO EXCEED TWENTY-NINE MILLION FIVE HUNDRED FORTY THOUSAND DOLLARS ($29,540,000) PRINCIPAL AMOUNT OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES, SERIES 2007, OF THE CITY OF HAMPTON, VIRGINIA, TO FINANCE VARIOUS CAPITAL IMPROVEMENT PROJECTS IN THE CITY; FIXING THE FORM, DENOMINATION AND CERTAIN OTHER DETAILS OF SUCH NOTES; APPROVING THE SALE OF SUCH NOTES TO BRANCH BANKING & TRUST COMPANY; AND AUTHORIZING AND APPROVING OTHER ACTIONS WITH RESPECT TO THE ISSUANCE, SALE AND DELIVERY OF SUCH NOTES.

WHEREAS, the Council (the Council) of the City of Hampton, Virginia (the City), has determined that is in the best interest of the City to issue not to exceed Twenty-Nine Million Five Hundred Forty Thousand Dollars ($29,540,000) principal amount of its general obligation bond anticipation notes pursuant to and for the purposes set forth in Section 1 hereof.

BE IT RESOLVED BY THE COUNCIL OF THE CITY OF HAMPTON, VIR GINIA, that:

SECTION 1.       Authorization and Issuance of the Notes. There are hereby authorized to be issued a series of Notes in the aggregate principal amount of not to exceed Twenty-Nine Million Five Hundred Forty Thousand Dollars ($29,540,000) to be designated City of Hampton, Virginia, General Obligation Public Improvement Bond Anticipation Notes, Series 2007 (the Notes), to finance capital improvements in the City, including public building improvements, school improvements, public parking facilities, street, sidewalk, curb, interchange, landscaping and other infrastructure improvements to streets, roads and highways, acquisition of property for and improvement of public parks, athletic fields and other recreational facilities including related public parking facilities and site improvements, acquisition of property for and improvement of property for a Teen Center, acquisition of public safety radio system capital equipment and other public equipment, capital improvements for Virginia Air and Space Museum, improvements in the Coliseum Central Area, Downtown Area, Kecoughtan Area, North King Street Area and Phoebus Area, property acquisition and other miscellaneous facilities in the City. The Notes are to be issued pursuant to the provisions of the Public Finance Act of 1991, constituting Chapter 26 of Title 15.2 of the Code of Virginia, 1950.

SECTION 2.       Details of the Notes. The Notes shall be dated as of their date of issue; shall be numbered No. R‑1; shall be issued in fully registered form as a single Note in a principal amount equal to the principal amount of the Notes; and shall bear interest at the rate of four and thirty-five hundredths per centum (4.35%) per annum payable at maturity. The Notes shall mature and become due and payable on December 15, 2007. Interest on the Notes shall be calculated on the basis of a 360-day year comprised of twelve 30 day months.

The Notes shall be subject to prepayment at the option of the City prior to their stated maturity in whole at any time, on not less than thirty (30) days prior written notice to the Registered Owner of the Notes, upon payment of the principal amount of the Notes, together with the interest accrued on the principal amount of the Notes to the date fixed for the prepayment thereof.

SECTION 3.       Appointment of Paying Agent and Registrar; Payment of Notes.

(a)                Appointment of Paying Agent and Registrar. The Director of Finance of the City is hereby appointed as Paying Agent and Registrar for the Notes (hereinafter referred to as the Registrar).

(b)               Payment of Notes. The principal of and interest on the Notes shall be payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for public and private debts.

SECTION 4.       Execution of Notes. Execution of Notes. The Notes shall be executed in the name of the City by the manual signatures of the Mayor and the City Clerk of the City and the corporate seal of the City shall be impressed, or facsimile thereof printed, on the Notes.

SECTION 5.       Tax Covenant. The City covenants and agrees to comply with the provisions of Sections 103 and 141 through 150 of the Internal Revenue Code of 1986, as amended, and the applicable Treasury Regulations promulgated thereunder throughout the term of the Notes.

SECTION 6.       Sources of Payment of the Notes. The full faith and credit of the City shall be and is hereby irrevocably pledged to the punctual payment of the principal of and interest on the Notes as the same become due. In each year while the Notes are outstanding and unpaid, this Council is authorized and required to levy and collect annually, at the same time and in the same manner as other taxes of the City are assessed, levied and collected, a tax upon all taxable property within the City, over and above all other taxes, authorized or limited by law and without limitation as to rate or amount, sufficient to pay when due the principal of and interest on the Notes to the extent other funds of the City are not lawfully available and appropriated for such purpose.

SECTION 7.       Form of the Notes. The Notes shall be in substantially the form set forth in Exhibit A.

SECTION 8.       Sale of the Notes. The Council hereby approves the sale of the Notes to Branch Banking & Trust Company at a purchase price equal to the principal amount of the Notes.

SECTION 9.       Filing of This Resolution. The City Clerk is hereby authorized and directed to file a copy of this resolution, certified by the City Clerk to be a true and correct copy hereof, with the Circuit Court of the City of Hampton, Virginia.

SECTION 10.   Invalidity of Sections, Paragraph, Clauses or Provisions. If any section, paragraph, clause or provision of this resolution shall be held invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining portions of this resolution.

SECTION 11.   Headings of Sections. The headings of the sections of this resolution shall be solely for convenience of reference and shall not affect the meaning, construction, interpretation or effect of such sections or of this resolution.

SECTION 12.   Effective Date. This resolution shall take effect upon its adoption.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia, held on April 11, 2007.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council