HomeMy WebLinkAbout93-14•
RESOLUTION N0. 93-14
RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION
WITH THE STATE COUNCIL ON LOCAL DEBT FOR THE ISSUANCE
AND SALE OF GENERAL OBLIGATION REFUNDING BONDS OF THE
TOWN OF PULASKI, VIRGINIA
WHEREAS, the Town of Pulaski, Virginia (the "Town"), has issued its
General Obligation Improvements Bonds, Series 1987 {the "1987 Bonds").
WHEREAS, the Town, in conjunction with its financial advisor, has
determined that it is in the best interest of the Town to refund all or
a portion of the outstanding principal amount of the 1987 Bonds,
maturing on or after February 1, 1995, to take advantage of current
lower interest rates; and
WHEREAS, the Town must obtain the approval of the State Council on
Local Debt to issue bonds to refund the 1987 Bonds;
BE IT RESOLVED BY THE COUNCIL OF THE TOWN OF PULASKI, VIRGINIA:
1. The Town Manager, the Director of Finance and the Town Attorney,
any of whom may act, are authorized and directed to pursue the
necessary requirements for the issuance and sale of bonds (the
"Bonds") to refund the Bonds.
2. The Town Manager, the Director of Finance and the Town Attorney,
any of whom may act, are authorized and directed to apply to the
State Council on Local Debt for approval for the issuance of the
Bonds. The Bonds shall not be issued until their issuance shall
have been approved by the State Council on Local Debt, as
required by the Section 15.1-277.46 of the Code of Virginia of
1950, as amended.
This resolution is effective upon its adoption, and is adopted this
26th day of October, 1993, by recorded vote of the Town Council as
follows:
Charles D. Crispin - Ave Andrew L. Graham - Qyg_
J. R. Schrader, Jr. - Aye E. G. Black, Jr. - ASP
Roy H. D'Ardenne - ~_ Alma H. Holston - g~P
W. H. Schrader, Jr. - Aye Robert N. Glenn - g~P
• TOWN OF PULASKI, VIRGINIA
Attests By: l/~
Gary Hancock, Mayor
~%~
Rut A. Harrell, Jerk o ouncil