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To provide for the issuance of public utility revenue refunding bonds of the City of Richmond, Virginia, in the maximum principal amount of $294,280,000 to refund all or portions of certain public utility revenue 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, providing for the form, details and payment of such bonds and approving the form of supplemental indenture of trust, and to authorize the issuance of such bonds as either federally tax-exempt or federally taxable bonds, 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 at one time or from time to time, in order to finance the cost of capital improvement projects for the City of Richmond, Virginia's gas, water and wastewater utilities systems (collectively, the "System") and to refund bonds previously issued for such purposes; and
WHEREAS, the City of Richmond, Virginia (the "City"), previously issued its Public Utility Revenue and Refunding Bonds, Series 2016A (the "2016A Bonds"), in the original principal amount of $502,260,000, and Public Utility Revenue Refunding Bonds, Series 2020B (Federally Taxable) (the "2020B Bonds"), in the original principal amount of $180,000,000, pursuant to ordinances duly adopted by the Council of the City (the "Council"); and
WHEREAS, the City may achieve debt service savings by refunding all or a portion of the outstanding 2016A Bonds and 2020B Bonds (such refunded portions, the "Refunded Bonds"); and
WHEREAS, the City administration, in consultation with the City's financial advisor, has recommended to the Council that the City issue and sell one or more series of its public utility revenue refunding bonds to refund the Refunded Bonds, to fund any nec...
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