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To provide for the issuance of general obligation public improvement refunding bonds of the City of Richmond, Virginia, in the maximum principal amount of $42,085,000 to refund all or portions of certain general obligation bonds previously issued by the City, and 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 purpose, to provide for the form, details and payment of such bonds, 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 and to refund bonds previously issued for such purposes; and
WHEREAS, the City of Richmond, Virginia (the "City"), previously issued its General Obligation Public Improvement Bonds, Series 2015B (the "2015B Bonds"), in the original principal amount of $62,795,000, 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 2015B Bonds (such refunded portion, 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 general obligation refunding bonds to refund the Refunded Bonds and to pay the related costs of issuance and refunding; and
WHEREAS, the Council desires to delegate to the Director of Finance of the City (the "Director of Finance"), with the approval of the Chief Administrative Officer of the City (the "Chief Administrative Officer"), the authority to determine which of the outstanding 2015B B...
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