Laserfiche WebLink
118 <br /> <br />A RESOLUTION AUTHORIZING THE ISSUANCE AND REGISTRATION OF A <br />DUPLICATE CITY OF PORTSMOUTH PUBLIC IMPROVEMENT BOND SERIES <br />OF 1980. <br /> <br /> WHEREAS, L. W. Bonsib, the owner, and Seaboard Surety <br />Company, the Surety, have advised officials of the City of <br />Portsmouth, Virginia, that the hereinafter-described City <br />of Portsmouth's Public Improvement Bond was stolen from ~. W. <br />Bonsib and have provided evidence satisfactor~ ~Q the City <br />of Portsmouth of the ownership of such bond and have f~rnished <br />indemnity satisfactory to the City of Portsmouth; and <br /> <br /> WHEREAS, said bond is described as "$5,000.00 General <br />Obligation Bond, City of Portsmouth, Virginia, Public Iraprove- <br />meht Bond No. 851, dated July t, 1980, due July 1, 1993, at <br />6.3 percent interest, bearer bond 1-83 and subsequent coupons <br />attached"; and <br /> <br /> W~E_~AS, Section 15.1-299, Code of Virginia, 1950, pro- <br />vides for the issuance of a substitution bond for the replace- <br />~ent of stolen bonds and the interest coupons, if any, and <br />the payment of such bonds and interest coupons then due upon <br />compliance w±th the provisions of such section and subject to <br />the approval of the State Commission on local debt. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of th~ City <br />of Portsmouth, Virginia, that approval of a replacement bond <br />fop the hereinabove-described stolen bond is hereby authorized <br />pursuant to the provisions of Section 15.1-209, Co~e of Virginia, <br />1950, upon compliance with the provisions of such section and <br />subject to approval of the State Commission on Local Debt which <br />is hereby requested. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held November 22, 1983. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />