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il <br /> <br />A RESOLI/fION AUTHOP~IZING THE EXECUTION AND DELIVERY OF DUPLICATE GENERAL <br />OBLIGATION BONDS IN THE AMOUNT OF $50,000. TO REPLACE LOST BONDS. <br /> <br /> WHEREAS, the Chase M~nnhat%an B~nk has submitted ~ Affidavit to the <br />Director of Finance of the City of Ports~aouth, Virginia, stating that it <br />is the Fiscal Agent of General Obligation Bonds Nos. 413 through 422 due <br />May 1, 1982 in the face an~unt of Fifty Thousand and 00/100 ($50,C00.) <br />Dollars, bearing interest at 3.20 percent; and <br /> <br /> WHEREAS, the Chase Manhattan Bank has advised the Director of <br />FJ_nance of the City of Portsmouth that said bonds are lost and cannot be <br />accounted for; and <br /> <br /> WM~5~S, the Chase Manhattan Bank has requested ~hat duplicate <br />bpmds be issued %o it Ln lieu of and in subse_itution for %lee lost bonds <br />so that it may present the sa~ for. payment; and <br /> <br /> W~R. REAS, the Chase Manhattan Bank has furnished the Director of <br />Finance of the City of Portsmouth with an indeamity B~nd in the amoant <br />of Fifty Thousand and 00/100 ($50,000.) Dollars; and <br /> <br /> W~L~EAS, the Chase Manhattan Bank has furnished evide~nce satisfactory <br />to the Director of Finance of the City of Portsmouth that it is %he <br />Fiscal Agent of the said bondf that said bpmd is lost, that the Indemnity <br />Bond is sufficient. <br /> <br /> BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, <br />that subject to the approval of the State Cc~mission on Local Debt, that <br />it is hereby authorized to be prepared duplicate General Obligation <br />BOnds of ~2~e City of Portsmouth Nos. 413 through 422 due May 1, 1982 in <br />the face ~c~nt of Fifty Thousand and 00/100 ($50,000.) Dollars, bearing <br />interest at 3.20 percent to replace the General Obligation B~nds lost by <br />the Chase Manhattan Bank, and there shall be further typed in an appropriate <br />place on said General Obligation Bonds the word "DUPLICATE" as evidence <br />that said bonds are a duplicate of the lost bonds. <br /> <br /> BE IT FURTHER RESOLVED that after the preparation of the duplicate <br />bonds and approval of its issuance by the State Cc~mission on Local <br />Debt, the Director of Finance of the City of'Portsmouth will hereby <br />authorize to deliver said duplicate bonds to the Chase Manhattan Bank. <br /> <br /> A~opted by the Coancil of ~che City of Port~routh~ Virginia~ a5 a <br />meeting held February 7, 1978. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />