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To authorize the issuance of general obligation public improvement refunding bonds of the City of Richmond, Virginia in the maximum principal amount of up to $15,500,000 to refund all or portions of certain general obligation bonds previously issued by the City; to authorize the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to sell such refunding bonds for such purposes; to provide for the form, details and payment of such bonds; and to authorize the issuance of taxable bonds in the same maximum principal amount and payable over the same period as such general obligation public improvement refunding bonds.
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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, when authorized by the Council of the City (the "Council") of Richmond, Virginia (the "City"), at one time or from time to time, in order to finance the cost of capital improvement projects and to refund bonds previously issued for such purposes; and
WHEREAS, the City previously issued its General Obligation Public Improvement Refunding Bonds, Series 2009B, in the original principal amount of $34,340,000 (the "Prior Bonds") pursuant to ordinances and resolutions duly adopted by the Council; and
WHEREAS, the Council has determined that current market conditions will enable the City to achieve debt service savings by refunding the Prior Bonds or certain portions thereof; and
WHEREAS, the Council desires to provide that all or a portion of the general obligation public improvement refunding bonds authorized by this resolution may be issued as taxable bonds (the "Taxable Bonds"); and
WHEREAS, such refunding will be accomplished through the issuance of one or more new series of general obligation public improvement refunding bonds of the City, the proceeds of which will be used to pay the principal of, premium, if ...
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