1992 Resolutions - Laserfiche WebLink

Home Browse Search

-8- 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 aggregating Five Million Eight Hundred Thousand Dollars ($5,800,000) in principal amount and issued for the purpose of providing funds to refund in advance of their stated maturities and redeem certain outstanding general port obligation improvement bonds heretofore issued by the City to pay the costs of port improvements of and for the City, which port improvements constitute a revenue-producing- undertaking of 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 Title 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 Council of the City duly adopted and taken under such Chapter 5.1 and such Charter. The Bonds of the issue of which this Bond is one maturing on and after November 1, 2002 (or portions thereof in installments of $5,000) are subject to redemption at the option of the City prior to their stated maturities on or after November 1, 2001, 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 are 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 fixed for the redemption thereof: Redemption Dates ~oth Dates Inclusi_~ November 1, 2001 to October 31, 2002 November 1, 2002 to October 31, 2003 November 1, 2003 and thereafter Redemption Prices (Percentage of Principal Amount) 102% 101 100 If this Bond is redeemable and this Bond (or any portion of the principal amount thereof in installments of $5,000) shall be called for redemption, notice of the redemption hereof, specifying the date, number and maturity of this Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of this Bond is to be redeemed, that this Bond must be surrendered in exchange for the principal amount thereof to be redeemed and a new Bond or Bonds issued equalling in principal amount that portion of the principal amount hereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date £zxed for redemption by first class mail, postage prepaid, to the Registered Owner hereof at his address as it appears on the books of registry kept by the Registrar as of the close of business on the forty-fifth (45th) day next preceding the date fixed for redemption.