Title
Resolution of The City of Hampton, Virginia Authorizing The Issuance of General Obligation Public Improvement And Refunding Bonds of The City of Hampton in The Maximum Principal Amount Not to Exceed $65,515,000 to Finance Certain Capital Improvement Projects And to Refund The City’s General Obligation Bond Anticipation Note Series 2017, And Providing for The Form, Details And Payment of Such Bonds
Purpose
PURPOSE/BACKGROUND:
This Resolution is proposing that City Council authorize the issuance of General Obligation Public Improvement and Refunding Bonds in the maximum principal amount not to exceed $65,515,000 to finance the cost of general capital improvement projects of the City, including, but not limited to, the construction of improvements and additions to public buildings and public school facilities, improvements to public infrastructure, including streets and roads, improvements to parks and other recreational facilities, the acquisition of real property and equipment for public purposes and to refund the city’s General Obligation Bond Anticipation Note series 2017.
The Resolution , if adopted, with authorize the Director of Finance, with the approval of the City Manager , for and on behalf of the City, to sell such bonds for such purposes, to provide for the form, details and payment of the bonds.
Discussion:
Impact:
General obligation and public improvement and refunding bonds of the City of Hampton in the maximum principal amount not to exceed $65,515,000
Recommendation:
Rec
Approve
Body
WHEREAS, the Public Finance Act of 1991, Sections 15.2-2600 et seq. of the Code of Virginia of 1950, as amended (the “Public Finance Act”), permits the issuance of bonds, when authorized by the Council of the City (the “Council”) of Hampton, Virginia (the “City”), at one time or from time to time, in order to finance the cost of capital improvement projects for the purposes hereinafter described an...
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