Laserfiche WebLink
A RESOLUTION AUTHORIZING THE ISSUANCE OF <br />EIGHT MILLION DOLLARS ($8,000,000) PRINCIPAL <br />A~.MOUNT OF GENERAL OBLIGATION PUBLIC UTILITY <br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA, <br />FOR THE PURPOSE OF MAKING CAPITAL <br />IMPROVEMENTS, EXTENSIONS AND ADDITIONS TO THE <br />WATER AND SEWER SYSTEM OF SUCH CITY, PURSUANT <br />TO ARTICLE VII, SECTION 10(a)(2), OF THE <br />CONSTITUTION OF VIRGINIA, FIXING THE FORM OF <br />SUCH BONDS AND PROVIDING FOR T~E SALE OF SUCH <br />BONDS. <br /> <br />89 <br /> <br /> WHEREAS, the City of Portsmout~ (the "City"] is <br />authorized to ope'rate a water utility system, including <br />water production, preparation, distribution and transmission <br />system; and <br /> <br /> WHEREAS, the City is authorized to operate a <br />sewerage utility system, including sewerage transmission, <br />treatment and disposal systems; and <br /> <br /> WHEREAS, the City is authorized to, and does, <br />operate its water and sewerage systems as a single utility' <br />system; and <br /> <br /> WHEREAS, such combined water and sewerage system <br />is an undertaking from which the City derives revenues; and <br /> <br /> WHEREAS, the City of Portsmouth is authorized <br />under and by virtue of Article VII, Section 10(a)(2), of the <br />Constitution of Virginia, Chapter 5 of Title 15.1 of the <br />Code of Virginia, 1950, and the Charter of the City, to <br />issue bonds as may be necessary ~o make capital <br />improvements,, extensions and additions to such water and <br />sewerage system; and <br /> <br /> WHEREAS, Article VII, Section 10(a)(2), of the <br />Constitution of Virginia, requires the ordinance authorizing <br />the issuance of such bonds to be approved by the affirmative <br />vote of the majority of the qualified voters of the City <br />voting upon the question of their issuance; and <br /> <br /> WHEREAS, by virtue of an ordinance adopted by the <br />Council of the City of Portsmouth, Virginia, on June 5, 1979 <br />entitled, nAN ORDINANCE TO AUTHORIZE TME ISSUANCE OF <br />g8~000~00 OF BONDS TO ME KNOWN AS PUBLIC UTILITY BONDS FOR <br />THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS, EXTENSIONS AND <br />ADDITIONS TO THE CITY OF PORTSMOUTH'S REVENUE PRODUCING <br />WATER AND SEWER SYSTEM~ PURSUANT TO ARTICLE VII, SECTION <br />10(a)(2) OF THE 1970 CONSTITUTION OF VIRGINIA, ~ND CHAPTER 5 <br />OF TITLE 15.1 OF THE CODE OF VIRGINIA", the Circuit <br /> <br /> <br />