1990 Ordinances - Laserfiche WebLink

Home Browse Search

AN ORDINANCE TO AUTHORIZE THE ISSUANCE OF SEVENTEEN MILLION, SIX HUNDRED FIFTEEN THOUSAND DOLLARS OF BONDS TO BE KNOWN AS PUBLIC UTILITY BONDS FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE CITY OF PORTSMOUTH'S REVENUE PRODUCING WATER AND SEWER SYSTEM, PURSUANT TO ARTICLE VII, SECTION 10 (a) (2) OF THE CONSTITUTION OF VIRGINIA, 1971, AND CHAPTER 5 OF TITLE 15.1 OF THE CODE OF VIRGINIA, 1950, AND AUTHORIZING AND PROVIDING WITH RESPECT TO THE ISSUANCE AND SALE OF A LIKE PRINCIPAL AMOUNT OF PUBLIC UTILITY BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF SUCH BONDS. WHEREAS, the City is authorized to operate a water system, including water production, preparation, distribution and transmission system; and WHEREAS, the City is authorized to operate a sewage system, including sewage transmission, treatment and disposal system; and WHEREAS, the City is authorized to, and does, operate its water and sewage system as a single system; and WHEREAS, such water and sewage system is an undertaking from which the City derives revenue; and WHEREAS, the City of Portsmouth is authorized under and by virtue of Article VII, Section 10 (a) (2), of the Constitution of Virginia, 1971, and Chapter 5 of Title 15.1 of the Code of Virginia, 1950, to issue so many bonds as may be necessary to make capital improvements, extensions and additions to such water and sewage system; and WHEREAS, it is necessary and expedient to borrow the sum of Seventeen Million, Six Hundred Fifteen Thousand Dollars ($17,615,0~0) for such capital improvements, extensions and additions and to issue bonds therefor; and WHEREAS, Article VII, Section 10 (a) (2), of the Constitution of Virginia, 1971, requires the ordinance authorizing the issuance of such bonds to be approved by the affirmative vote of the majority of the qualified voters of the City voting upon the question of their issuance at the general election next succeeding the enactment of the ordinance, or at a special election held for that purpose; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: