1980 Resolutions - Laserfiche WebLink

Home Browse Search

2. 5~ne principal of and premium, if any, and interest' on the Bonds shall be payable in such coin or currency of the United States of At, fica as at the respective dates of payment is legal tender for public and private debts. If shy Bond shall not then be registered as to beth principal and interest, the interest thereon payable prior to maturity shall be payable a% the' principal office of Virginia National Bank, in'Norfolk, Virginia,' or, at the option of the holder of such Bond, at the principal office of The ~hase M~m/naht~n Bank (National Association), in ~]~e City of New' York,'Ne%f York, as ~he paying agents for the Bonds. The interest on any Bond while registered as to both principal and interest shall be payabl~ by the City by check or draft ~iled to the registered ~raer at such ~ner's address as sho~.~la on the books of registry. Th~ principal of and premit%m, if any, on the Bonds are payable at the principal office of~ither' of said paying agents for the Bonds. 3. The' f~lt faith and credit of the City shall be ~nd hereby is irrevOCably pledged' to ~he payment of the principal of and interest on the Bo~ds as the s~e become due. In each year while the Bonds, or any of them, are 6utstending and %repaid, there shall be assessed; levied and collected, ~t the san~ ~/me ~d in the s~e manner as other ~nxes in the City are assesse~, levied a~' collected, upon all property wi~Yin the City subject to taxation by %he City, a ~x sufficient to provide for the pay- men't of. the principal of and interest on the Bonds as the same bec~e due. 4. The proceeds of the' sale of the BOnds shall be applied to the paym~nt of the costs of the' following public improvement projects in substantially ~he follc~ing respective, a~ounts: Community Services Education Park~ and Recreation Public Safety Urban Rk-anspo~ation Drainage, Curbs, Gutters end Street /3~orove_ments Urban Renewal Crawford Harbor Improv~r~n%s: Parking Garage Construction City Hall Building Iaproveamnts $ 270,O00. 1,409,137. 28,000. 70~275. 923,680. 562,481. 414,427. 2,470,O00. ....... 852,CO0. Total $ 7,000,000. provided that if any such project shall require less ~han the entire amount set forth above opposite such project, the difference n~y be applied to any other suchproject. 5. ~ne City shall make no use of the proceeds of the sale of the tkmnds which Would cause the Bonds to be "industrial development bonds" or "arbitrage bonds" under Section 103 of the U. S. I~hernal Revenue Code