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To authorize the issuance of general obligation equipment notes of the City of Richmond in the maximum aggregate principal amount of $11,000,000 to finance the costs of equipment and vehicles for the various departments, bureaus and agencies of the City and the Richmond Ambulance Authority; and to authorize the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to issue and sell equipment notes to finance the acquisition of such equipment and vehicles; to provide for the form, details and payment of such notes; and to authorize the issuance of such notes as either federally tax-exempt notes or federally taxable notes, or both.
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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 and notes, when authorized by the Council of the City of Richmond, Virginia (the "Council"), at one time or from time to time in one or more series, to finance the costs of equipment and vehicles for the purposes described herein; and
WHEREAS, it is the consensus of the Council that the City of Richmond, Virginia (the "City"), should authorize the issuance and sale of general obligation notes (either as federally tax-exempt obligations or federally taxable obligations, or both) in the maximum aggregate principal amount of $11,000,000 (collectively, the "Notes") to finance the costs of equipment and vehicles for the purposes described herein and the costs of issuance of the Notes and certain other requirements related to the Notes; and
WHEREAS, the Council desires to provide that all or a portion of the general obligation notes authorized by this ordinance may be issued as taxable notes (collectively, the "Taxable Notes"); and
WHEREAS, the City expects to advance its own funds to pay expenditures related to such equipment and vehicles prior to the issuance of such Notes, and it is the intention of the Cit...
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