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File #: ORD. 2020-070    Version: 1 Name:
Type: Ordinance Status: Adopted
File created: 3/9/2020 In control: City Council
On agenda: 5/11/2020 Final action: 5/11/2020
Title: To cancel all authorized but unissued notes authorized by the City of Richmond in Fiscal Years 2016-2017 and 2017-2018, to authorize the issuance of general obligation equipment notes of the City of Richmond in the maximum principal amount of $4,867,332 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. 2020-070
Related files: ORD. 2020-049
title
To cancel all authorized but unissued notes authorized by the City of Richmond in Fiscal Years 2016-2017 and 2017-2018, to authorize the issuance of general obligation equipment notes of the City of Richmond in the maximum principal amount of $4,867,332 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 Council (the "Council") of the City of Richmond, Virginia (the "City"), has authorized by Ordinance No. 2016-064, adopted May 13, 2016 and Ordinance 2017-066, adopted May 15, 2017 (collectively, the "Equipment Ordinances"), the issuance of general obligation equipment notes to finance the acquisition of equipment (the "Equipment"), of which $7,300,000 remain authorized but unissued; and
WHEREAS, the Council desires to cancel such authorized but unissued authorization of the City under the Equipment Ordinances since it is no longer needed to finance the Equipment; and
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 obligat...

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