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To authorize the issuance of general obligation public improvement bonds of the City of Richmond in the maximum principal amount of $9,976,000 to finance the cost of capital improvement projects of the stormwater utility of the City for the following purposes and uses: replacement of and upgrades to the stormwater facilities, including but not limited to, construction, reconstruction, improvements, rehabilitation and upgrades of stormwater sewers and associated facilities; new and replacement infrastructure of the storm sewer system, drainage structures, catch basins, ditches, storm sewer pipes, culverts, green infrastructure; acquisition of real property therefor as appropriate; and equipment for various infrastructure needs; and authorizes the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to sell such bonds for such capital improvement projects, to provide for the form, details and payment of such bonds and to authorize the issuance of notes of the City in anticipation of the issuance of such bonds, and to authorize the issuance of taxable bonds, for the same purposes and uses, in the same maximum principal amount and payable over the same period as such general obligation public improvement bonds.
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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 cost of capital improvement projects for the purposes hereinafter described; and
WHEREAS, the Council desires to provide that all or a portion of the general obligation public improvement bonds authorized by this ordinance may be issued as taxable bonds (the "Taxable Bonds"); and
WHEREAS, it is the consensus of the Council of the City that the City s...
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