Title
To authorize the issuance of public utility revenue refunding taxable bonds of the City of Richmond, Virginia in the maximum principal amount of up to $180,000,000 to refund portions of certain public utility revenue and refunding 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 purposes, providing for the form, details and payment of the such bonds and approving the form of the supplemental indenture of trust.
Body
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 Public Utility Revenue and Refunding Bonds, Series 2013A, in the original principal amount of $214,220,000 (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 certain portions of the Prior Bonds; and
WHEREAS, the Council desires to provide that all of the public utility revenue refunding bonds authorized by this resolution may be issued as taxable bonds; and
WHEREAS, such refunding will be accomplished through the issuance of one or more new series of public utility revenue refunding taxable bonds of the City, the proceeds of which will be used to pay the principal of, premium, if any, and accrued interest on portions of the Prior Bonds to be refunded; and
WHEREAS, it is the consensus of the Council that the City should authorize the issuance and sale of taxabl...
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