Browse Ads

Lost & Found
Pets & Animals
Shared Accommodation
 
RESOLUTION DECLARING THE...
Date Listed: July 9
Newspaper ID #1541837
email this ad to a friend E-Mail a friend
Bookmark and Share

tool name

close
tool goes here
RESOLUTION DECLARING THE INTENTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF PASCAGOULA, MISSISSIPPI, TO ISSUE GENERAL OBLIGATION BONDS OF THE CITY, OR TO ISSUE A QUALIFIED OBLIGATION BOND OF THE CITY FOR PURCHASE BY THE MISSISSIPPI DEVELOPMENT BANK OR FOR THE CITY TO BORROW FUNDS BY ENTERING INTO A LOAN WITH THE MISSISSIPPI DEVELOPMENT BANK, ALL IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED FIFTEEN MILLION DOLLARS ($15,000,000) TO RAISE MONEY FOR THE CONSTRUCTION, IMPROVEMENT OR PAVEMENT OF STREETS, SIDEWALKS, DRIVEWAYS, PARKWAYS, WALKWAYS OR PUBLIC PARKING FACILITIES, AND PURCHASING LAND THEREFOR; THE CONSTRUCTION OF BRIDGES AND CULVERTS; ERECTING, REPAIRING, IMPROVING, ADORNING AND EQUIPPING MUNICIPAL BUILDINGS, AND PURCHASING LAND THEREFOR; THE CONSTRUCTION AND IMPROVEMENT OF SANITARY, STORM, DRAINAGE, OR SEWER SYSTEMS; FOR IMPROVING, REPAIRING, AND EXTENDING THE COMBINED WATER, GAS AND SEWER SYSTEM; FOR OTHER AUTHORIZED PURPOSES UNDER SECTIONS 21-33-301 ET SEQ., SECTION 21-27-23 AND SECTIONS 21-27-41 THROUGH 21-27-69, AS AMENDED AND SECTIONS 31-25-1 ET SEQ., MISSISSIPPI CODE OF 1972, AS AMENDED; THE COST OF ISSUANCE FOR THE BONDS; RELATED IMPROVEMENTS WITHIN THE CITY AND DIRECTING PUBLICATION OF NOTICE OF SUCH INTENTION. WHEREAS, the Mayor and City Council of the City of Pascagoula, Mississippi, acting for and on behalf of the City of Pascagoula, Mississippi (the "Governing Body" of the "City"), is authorized under the provisions of Sections 21-33-301 et seq., as amended (the "GO Act"), Sections 21-27-23 and 21-27-41 through 21-27-69, as amended (the "Revenue Act") and Sections 31-25-1 et seq., Mississippi Code of 1972, as amended (the "Bank Act," and together, the GO Act, the Revenue Act and the Bank Act are the "Act"), to issue bonds hereinafter proposed to be issued or to enter into a loan for the purposes and amounts set forth in paragraph 2 of this preamble; WHEREAS, the Governing Body finds and determines that it is necessary and in the public interest to issue General Obligation Bonds of the City or to issue a bond (the "Qualified Obligation") of the City for purchase by the Mississippi Development Bank, or to borrow funds by entering into a loan with the Mississippi Development Bank (the "Loan"), in the principal amount of not to exceed Fifteen Million Dollars ($15,000,000) to raise money for the purpose of providing funds for the construction, improvement or pavement of streets, sidewalks, driveways, parkways, walkways or public parking facilities, and purchasing land therefor; the construction of bridges and culverts; erecting, repairing, improving, adorning and equipping municipal buildings and purchasing land therefor; the construction and improve ment of sanitary, storm, drainage, or sewer systems; improve, repair, and extend the combined water, gas and sewer system of the City and for other authorized purposes under the Act and the Bank Act; the cost of issuance for the bonds and related improvements within the City (the "Project"); WHEREAS, the assessed value of all taxable property within the City, according to the last completed assessment for taxation, is Two Hundred Fifty Million One Hundred Six Thousand Eight Hundred Fifty Five Dollars ($250,106,855); the City has outstanding bonded indebtedness subject to the fifteen percent (15%) debt limit prescribed by Section 21-33-303, Mississippi Code of 1972, as amended, in the amount of Two Million Six Hundred Eighty Thousand Dollars ($2,680,000), and outstanding bonded and floating indebtedness subject to the twenty percent (20%) debt limit prescribed by Section 21-33-303, Mississippi Code of 1972, as amended (which amount includes the sum set forth above subject to the 15% debt limit), in the amount of Two Million Six Hundred Eighty Thousand Dollars ($2,680,000); the issuance of the Bonds hereinafter proposed to be issued pursuant to the Act, when added to the outstanding bonded indebtedness of the City, will not result in bonded indebtedness, exclusive of indebtedness not subject to the aforesaid fifteen percent (15%) debt limit, of more than fifteen percent (15%) of the assessed value of taxable property within the City, and will not result in indebtedness, both bonded and floating, exclusive of indebtedness not subject to the aforesaid twenty percent (20%) debt limit, in excess of twenty percent (20%) of the assessed value of taxable property within the City, and will not exceed any constitutional or statutory limitation upon indebtedness which may be incurred by the City; WHEREAS, it is necessary for the health and well-being of the citizens of the City and it is necessary, proper and economically feasible that the City issue its Bonds or Qualified Obligation for purchase by the Mississippi Development Bank or borrow funds by entering into a Loan with the Mississippi Development Bank pursuant to the Act, as applicable, for the purposes herein stated and under the procedures hereinafter set forth and as provided by law; and WHEREAS, the City reasonably expects that it will incur expenditures prior to the issuance of the Bonds or the issuance of the Qualified Obligation for purchase by the Mississippi Development Bank or entering into the Loan, which it intends to reimburse with the proceeds of the Bonds or the Qualified Obligation upon the issuance thereof or the date of entering into the Loan. This declaration of official intent to reimburse expenditures made prior to the issuance of the Bonds or the issuance of the Qualified Obligation or entering into the Loan in anticipation of the issuance of the Bonds or the issuance of the Qualified Obligation or entering into the Loan is made pursuant to Department of Treasury regulations Section 1.150-2 (the Reimbursement Regulations). The Project for which such expenditures are made is the same as described hereinabove. The maximum principal amount of debt expected to be issued for the Project is the amount hereinabove set forth. NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY, ACTING FOR AND ON BEHALF OF THE CITY, AS FOLLOWS: SECTION 1. The Governing Body hereby declares its intention to issue General Obligation Bonds of the City or to issue the Qualified Obligation for purchase by the Mississippi Development Bank or enter into the Loan all in the principal amount of not to exceed Fifteen Million Dollars ($15,000,000) pursuant to the Act, as applicable, to raise money for the purpose of providing funds for the Project. SECTION 2. The Bonds, the Qualified Obligation sold to the Mississippi Development Bank or the Loan all entered into pursuant to the Act shall be secured by an irrevocable pledge of the avails of a direct and continuing tax to be levied annually without limitation as to time, rate, or amount upon all the taxable property within the geographical limits of the City; provided however, that one or more series may be secured by the revenues derived and to be derived from operation of the combined water, gas and sewer system of the City (the "System") and shall be issued for a term not to exceed 30 years. SECTION 3. The Governing Body proposes to direct the issuance of the Bonds or the issuance of the Qualified Obligation to be sold to the Mississippi Development Bank or the Loan with the Mississippi Development Bank in the amounts set forth above, for the purposes and secured as aforesaid at a meeting place of the Governing Body in the City Hall in the City of Pascagoula, Mississippi, at the hour of 6:00 o'clock p.m. on August 5, 2014. SECTION 4. If on or before 6:00 o'clock p.m. on August 5, 2014, ten percent (10%) of the qualified electors of the City or fifteen hundred (1,500), whichever is less, shall file a written protest with the City Clerk of the City against the issuance of the Bonds pursuant to the Act or the issuance of the Qualified Obligation to be sold to the Mississippi Development Bank or the Loan with the Mississippi Development Bank, then the Bonds, Qualified Obligation, and Loan for such purpose or purposes shall not be issued unless authorized at an election on the question of the issuance of such Bonds, Qualified Obligation, or Loan to be called and held as provided by law. If no protest be filed on or before 6:00 o'clock p.m. on August 5, 2014, against the issuance of the Bonds, then the Bonds may be issued without an election on the question of the issuance thereof at any time within a period of two (2) years after the date specified in Section 4 hereof. SECTION 5. This resolution shall be published once a week for at least three (3) consecutive weeks in the Sun Herald, a newspaper published in and having general circulation in the City of Pascagoula, Mississippi, and qualified under the provisions of Section 13-3-31, Mississippi Code of 1972, as amended. The first publication of this resolution shall be made not less than twenty-one (21) days prior to the date fixed herein for the issuance of the Bonds, and the last publication shall be made not more than seven (7) days prior to such date. SECTION 6. The City Clerk of the Governing Body shall be and is hereby directed to procure from the publisher of the aforesaid newspaper the customary proof of the publication of this resolution and have the same before the Governing Body on the date and hour specified in Section 3 hereof. SECTION 7. The City reasonably expects that it will incur expenditures prior to the issuance of the Bonds or the issuance of the Qualified Obligation to be sold to the Mississippi Development Bank or entering into the Loan with the Mississippi Development Bank, which it intends to reimburse with the proceeds of the Bonds or the Qualified Obligation upon the issuance thereof or the date of entering into the Loan. This declaration of official intent to reimburse expenditures made prior to the issuance of the Bonds or the Qualified Obligation or the authorization of the Loan in anticipation of the issuance of the Bonds or the Qualified Obligation or entering into the Loan is made pursuant to the Department of Treasury regulations Section 1.150-2 (the Reimbursement Regulations). The Project for which such expenditures are made is the same as described hereinabove. The maximum principal amount of debt expected to be issued or borrowed for the Project is the amount hereinabove set forth. SECTION 8. If any one or more of the provisions of this resolution shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any of the other provisions of this resolution, but this resolution shall be construed and enforced as if such illegal or invalid provision or provisions had not been contained herein. The above Resolution was introduced by Councilman Tipton, seconded for adoption by Councilman Tadlock, and received the following vote: Mayor Blevins "AYE". Councilmen Hill "AYE", Jackson "AYE", Simkins "AYE", Tadlock "AYE", Taylor "ABSENT", and Tipton "AYE". The Mayor then declared the Resolution adopted on the 1st day of July, 2014. PUBLISH: July 9, 16, 23 and 30, 2014 1541837
Career Builder

Find a job



Career Builder

Find a car

Make
Model
Zip search used

HomeFinder

Find a home


apartments.com

Find an apartment


$VAR1 = 'http://www.sunherald.com/classified-ads'; $VAR1 = 'My Dump';