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To cancel all authorized but unissued bonds authorized by the City of Richmond in Fiscal Year 2014- 2015, to authorize the issuance of general obligation public improvement bonds of the City of Richmond in the maximum principal amount of $27,775,000 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 Council (the "Council") of the City of Richmond, Virginia (the "City"), has authorized by Ordinance No. 2014-55-108, adopted May 27, 2014 (the "General Obligation Ordinance"), the issuance of general obligation bonds to finance various capital improvement projects (the "Projects") of the City, of which $689,722 remain authorized but unissued; and
WHEREAS, the Council desires to cancel such authorized but unissued authorization of the City under the General Obligation Ordinance since it is no longer needed to finance the Projects; and
WHEREAS, the Public Finance Act of 1991, S...
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