1993 Resolutions - Laserfiche WebLink

Home Browse Search

-9- hereof at the principal office of the Director of Finance of the City, as Registrar and Paying Agent for this Bond, in the City of Portsmouth, Virginia. The principal of and premium, if any, and interest on this Bond are payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for public and private debts. This Bond is one of an issue of Bonds aggregaiing Thixty~Six Million Six Hundred Twenty Thousand Dollars ($36,620,000) in principal mount and issued for the purpose of providing funds to refund in advance of their stated maturities and redeem certain outstanding public improvement bonds heretofore issued by the City to pay the costs of various public improvements of and for the City, under and pursuant to and in full compliance with the Constitution and statutes of the Commonwealth of Virginia, including Chapter 5.1 of Tire 15.1 of the Code of Virginia, 1950 (the same being the Public Finance Act of 1991), and the Charter of the City, and proceedings of the Counc'tl of the City (~uly adopted and taken under such Chapter 5.1 and such Chatter. The Bonds of the issue of which this Bond is one maturing on and after August 1, 2004 (or portions thereof in installments of $5,000) are subject to redemption at the option of the City prior to the'zr stated maturities on or after August 1, 2003, in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if at any time less than all of the Bonds of a given maturity axe called for redemption, the particular Bonds of such maturity or portions thereof in installments of $5,000 to be redeemed shall be selected by lot), upon payment of the following redemption prices (expressed as a percentage of the principal amount of the Bonds to be redeemed), together with the interest accrued thereon to the date freed for the redemption thereof: Redemption Dates (Both Dates Inclusive) Redemption Prices (Percentage of Principal Amount) August 1, 2003 to July 31, 2004 August 1, 2004 to July 31, 2005 August 1, 2005 and thereafter 102% 101 100 The Bonds of the issue of which this Bond is one maturing on August 1, 2013 shall be subject to mandatory sinking fund redemption on August 1, 2010 and on August 1 of each year thereafter to maturity in the principal amounts in each year set forth below, with the particular Bond or Bonds or portions thereof to be selected by lot, upon payment of a redemption price equal to 100 % of the principal amount of the Bonds to be redeemed, together with the interest accrued on the princ'~l amount to be redeemed to the date fixed for the redemption thereof: