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File #: RES. 2020-R057    Version: 1 Name:
Type: Resolution Status: Adopted
File created: 9/29/2020 In control: City Council
On agenda: 10/12/2020 Final action: 10/12/2020
Title: To authorize the issuance of general obligation public improvement refunding bonds of the City of Richmond, Virginia in the maximum principal amount of up to $135,000,000 to refund all or portions of certain general obligation bonds previously issued by the City; 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; to provide for the form, details and payment of such bonds; and to authorize the issuance of taxable bonds in the same maximum principal amount and payable over the same period as such general obligation public improvement refunding bonds.
Patrons: Mayor Stoney
Attachments: 1. Res. No. 2020-R057
Title
To authorize the issuance of general obligation public improvement refunding bonds of the City of Richmond, Virginia in the maximum principal amount of up to $135,000,000 to refund all or portions of certain general obligation bonds previously issued by the City; 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; to provide for the form, details and payment of such bonds; and to authorize the issuance of taxable bonds in the same maximum principal amount and payable over the same period as such general obligation public improvement refunding bonds.
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 General Obligation Public Improvement Refunding Bonds, Series 2010C, in the original principal amount of $85,180,000, its General Obligation Public Improvement Refunding Bonds, Series 2012B, in the original principal amount of $46,870,000, its General Obligation Public Improvement Bonds, Series 2014A, in the original principal amount of $99,295,000, its General Obligation Public Improvement Bonds, Series 2015B, in the original principal amount of $62,795,000, its General Obligation Public Improvement Bonds, Series 2015C (Federally Taxable), in the original principal amount of $23,000,000 and its $185,070,000 General Obligation Public Improvement and Refunding Bonds, Series 2017B (collectively, the "Prior Bonds") pursuant to ordinances and resolutions duly adopted by the Council; and
WHEREAS, the Council has determined that curre...

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