1976 Resolutions - Laserfiche WebLink

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until twelve o'clock Noon, Virginia time, on Thursday, July 29, 1976, at which time and place all proposals will be publicly opened. The bonds will be dated August 1, 1976; will be in coupon form registrable as to principal only or as to both principal and interest; will be of the denomination of $5,000 each; will bear interest payable semi-annually on February 1 and August 1 commencing February 1, L977; and will mature serially in numerical order in the principal amount of $500,000 on August 1 in each of the years 1977 through 1996. Both principal of and interest on the bonds will be payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for the payment of public and private debts, at the principal office of The Chase Manhattan Bank (National Association) in the City of New York, New York, except that interest on any bonds while registered as to both principal and interest shall be paid by the City° The bonds maturing on and after August 1, 1987, shall be subject to redemption at the option of the City prior to their stated maturities on or after August 1, 1986, in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if less than all of the bonds of a maturity are called for redemption, the particular bonds of such maturity to be redeemed shall be selected by lot), upon payment of the principal amount of the bonds to be redeemed together with the interest accrued thereon to the date fixed for redemption plus a premium of one-half of one percent of the principal amount of each bond to be redeemed for each six month period or fraction thereof between the date fixed for redemption and the stated maturity date of such bondj such premium in any event not to ~xceed three percent of such principal amount. The bonds shall be general obligations of the City. The full faith and credit of the City shall be pledged to the payment of the principal of and interest on the bonds as the same become due. For the payment of such principal and interest, the City has power and will be obligated to levy ad valorem taxes without limitation as to rate or amount on all the property subject to taxation by the City. Bidders shall specify the rate or rates of interest per annum to be borne by %he bonds, to be expressed in multiples of one-eighth or one-twentieth of one percent. Bidders shall not be restricted as to the number of rates which may be named but the difference between the highest -10-