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2003-05-05
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2003
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2003-05-05
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10/22/2004 10:10:19 AM
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City Council
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5/5/2003
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Minutes
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9 <br />one or more certificates in the forms provided for in the Official Statement relating to the <br />Bonds. <br /> <br />10. The Bonds, the certificate of authentication of the Registrar and the assignment <br />endorsed on such Bonds, shall be in substantially the form set forth in Exhibit A, with <br />such changes in format as may be appropriate to conform with customs a nd practices <br />applicable to comparable securities. <br /> <br />11.(a)The City Manager is hereby authorized to appoint an escrow agent (the “Escrow <br />Agent”) for the City in connection with the refunding of the Refunded Bonds. <br /> <br />(b)The City Manager is hereby authorized an d directed to execute and deliver an Escrow <br />Deposit Agreement by and between the City and the Escrow Agent in such form as shall <br />be approved by the City Manager upon the advice of counsel (including the City Attorney <br />or Bond Counsel), such approval to be c onclusively evidenced by the execution of the <br />Escrow Deposit Agreement by the City Manager. <br /> <br />(c)The City Manager and the Director of Finance, or either of them, are hereby <br />authorized to execute, on behalf of the City, subscriptions for United States Time D eposit <br />Securities - State and Local Government Series, if any, to be purchased by the Escrow <br />Agent from moneys deposited in the Escrow Deposit Fund created and established under <br />any Escrow Deposit Agreement. Such United States Time Deposit Securities - St ate and <br />Local Government Series, if any, so purchased shall be held by the Escrow Agent under <br />and in accordance with the provisions of the related Escrow Deposit Agreement. The <br />City Manager and Director of Finance, or either of them, are hereby authorized to enter <br />into such purchase agreements, including forward supply agreements, if any, as shall be <br />required in connection with the purchase by the Escrow Agent, from moneys deposited in <br />the Escrow Deposit Fund created and established under any Escrow Deposi t Agreement, <br />of Government Securities (as defined in the Escrow Deposit Agreement) other than <br />United States Time Deposit Securities - State and Local Government Series. <br /> <br />12. Subject to the issuance, sale and delivery of the Bonds pursuant to this resoluti on and <br />receipt of the proceeds of the Bonds, the City Manager is hereby authorized to designate <br />the Refunded Bonds for redemption on such date or dates as shall be determined by the <br />City Manager and is hereby further authorized to direct the Escrow Agent t o cause <br />notices of the redemption of the Refunded Bonds on such date or dates to be given in <br />accordance with the provisions of the proceedings authorizing the issuance of the <br />Refunded Bonds. <br /> <br />13. There is hereby delegated to the Chief Operating Officer/Ch ief Financial Officer the <br />authority to take any action the City Manager is authorized to take under this resolution <br />in the absence or unavailability of the City Manager. <br /> <br />14. The City Attorney of the City is directed to file a copy of this resolution, cer tified by <br />the Clerk of Council of the City to be a true and correct copy hereof, with the Circuit <br />Court of the City in accordance with Section 15.2 - 2607 of the Code of Virginia, 1950. <br /> <br />15. All ordinances, resolutions and proceedings in conflict herewith a re, to the extent of <br />such conflict, repealed. <br /> <br />16. This resolution shall take effect upon its adoption. <br /> <br />PUBLIC HEARING/RESOLUTION <br />: COMMUNITY DEVELOPMENT BLOCK <br />GRANT CONSOLIDATED PLAN <br /> <br /> Mr. O'Connell explained that the Consolidated Plan must be approved a nnually <br />by Council. He noted that the Plan has already been approved by the Thomas Jefferson <br />Planning District Commission. <br /> <br /> Ms. Missy Creasy, Planner in Neighborhood Development Services, explained <br />that the Consolidated Plan sets goals to support the Com munity Development Block <br />Grant needs, and serves as the City's application for CDBG and regional HOME funds. <br />
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