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To authorize the issuance of public utility revenue refunding bonds of the City of Richmond, Virginia in the maximum principal amount of up to $600,000,000 to refund all or portions of certain public utility revenue 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 such bonds and approving the form of the supplemental indenture of trust.
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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 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 2016A, in the original principal amount of $502,260,000 (the "Series 2016A Bonds") and its Public Utility Revenue Refunding Bonds, Series 2020B (Federally Taxable), in the original principal amount of $180,000,000 (the "Series 2020B Bonds", and together with the Series 2016A Bonds, 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 the Prior Bonds or certain portions thereof; and
WHEREAS, the Council desires to provide that all or a portion of the public utility revenue refunding bonds authorized by this resolution may be issued as Bonds (the "Bonds"); and
WHEREAS, the refunding of the Series 2016A Bonds will be accomplished through the initial issuance of one or more new series of taxable public utility reve...
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