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File #: ORD. 2019-075    Version: 1 Name:
Type: Ordinance Status: Adopted
File created: 3/6/2019 In control: City Council
On agenda: 5/13/2019 Final action: 5/13/2019
Title: To authorize the issuance of general obligation equipment notes of the City of Richmond in the maximum principal amount of $5,291,067 to finance the cost of equipment for the following purposes and uses: acquisition of computer, radio, office, solid waste collection, office furniture and miscellaneous equipment and vehicles for the various departments, bureaus and agencies of the City, and equipment for City schools; and to authorize the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to sell equipment notes to finance the acquisition of such equipment, and to authorize the issuance of taxable notes, for the same purposes and uses, in the same maximum principal amount and payable over the same period as such general obligation equipment notes.
Patrons: Mayor Stoney
Attachments: 1. Ord. No. 2019-075
Related files: ORD. 2019-041
title
To authorize the issuance of general obligation equipment notes of the City of Richmond in the maximum principal amount of $5,291,067 to finance the cost of equipment for the following purposes and uses: acquisition of computer, radio, office, solid waste collection, office furniture and miscellaneous equipment and vehicles for the various departments, bureaus and agencies of the City, and equipment for City schools; and to authorize the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to sell equipment notes to finance the acquisition of such equipment, and to authorize the issuance of taxable notes, for the same purposes and uses, in the same maximum principal amount and payable over the same period as such general obligation equipment notes.
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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 (the "Council") of the City of Richmond, Virginia (the "City"), at one time or from time to time in one or more series in order to finance the acquisition of equipment; 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 (the "Taxable Notes"); and
WHEREAS, it is the consensus of the Council that the City should authorize the issuance and sale of either tax-exempt or taxable general obligation notes or both in the maximum principal amount of $5,291,067 to finance the acquisition of equipment; and
WHEREAS, equipment may be purchased by the City and the School Board of the City (the "School Board") prior to the issuance of such notes, and it is the intention of the City to reimburse itself for such expenditures from the proceeds of such notes; and
WHEREAS, the Director of Finance of the City (the "Director of Finance") may determine to publish a noti...

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