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To approve the Richmond Metropolitan Transportation Authority's bond issue as required by Va. Code ? 33.2-2902(16).
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WHEREAS, the General Assembly of Virginia created the Richmond Metropolitan Transportation Authority (the "Authority" and formerly known as the Richmond Metropolitan Authority) in 1966 pursuant to Chapter 178 of the Acts of Assembly of 1966 (as amended and in effect from time to time, and as currently codified in Title 33.2, Chapter 29 of the Code of Virginia, the "Enabling Act") for the purpose of, among other things, owning and operating limited access highways within its member jurisdictions; and
WHEREAS, the Authority currently owns and operates the Powhite Parkway, the Downtown Expressway, and the Boulevard Bridge (the "Expressway System") and has financed and refinanced a portion of the capital needs of the Expressway System with borrowings in the private and public debt markets; and
WHEREAS, as amended in 2014, the Enabling Act requires the approval of the Mayor and the Council of the City of Richmond and the Boards of Supervisors of the Counties of Henrico and Chesterfield in order for the Authority to borrow money and issue bonds, notes, or other evidences of indebtedness; and
WHEREAS, the Authority's Board of Directors has approved the issuance of its Expressway Revenue Bond in the principal amount not to exceed $21,500,000 (the "RMTA Bond"), in order to provide funding for certain projects in the Authority's capital improvement plan for fiscal years 2020 through 2025 (the "Project"), subject to obtaining the approvals of the Mayor and the member jurisdictions as required by the Enabling Act, and has requested that the Mayor and the jurisdictions provide such approvals; and
WHEREAS, it is in the best interest of the City of Richmond to approve the Authority's issuance of the RMTA Bond;
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
1. The Council hereby approves the Authority's issuance of the RM...
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